The Uses of Life Insurance

By January 26, 2018 Personal Insurance

Life Insurance, it is a topic most people do not like to discuss. In fact, I am probably the only one reading this who woke up this morning thinking of it. But no matter what your age, gender, job, marital status or income, there is a good chance it should be part of your thoughts. Please consider the following:

  1. Is it time for a comprehensive review of what you have? Have your needs changed? Do you need as much as you once did? Did you need more than you have? Do you have the right type of plan? Is it meeting your objectives? Are your beneficiaries up to date? Maybe you added your first child but not your second or third? If you own a Universal Life policy, how is it performing in this current interest rate environment? Interest rates today are not the same as they were 5, 10, 15 years ago and beyond.
  2. Are you a business owner? The uses of life insurance for any business owner are essential. Funding a Buy-Sell agreement with life insurance can provide money that may not be readily available to buy out a partner or owner in the event of a death. Covering the loss of a key person can also be detrimental. Using life insurance can provide necessary liquidity to help hire and train new employees and cover expenses from lost revenue.
  3. Do you want to save more for retirement? Life Insurance can provide tax efficient strategies to help supplement income in retirement. All while providing a tax free death benefit.
  4. Do you want to leave a bigger legacy? If leaving money to your children, grandchildren or favorite charity is important, the leverage of life insurance can be a phenomenal way to maximize how much you leave.
  5. Long Term Care expenses. As with most products, innovation offers new opportunities. Now, you can purchase a life insurance policy and use it to help cover the costs of long term care expenses. This can help preserve assets that you or your spouse may need to live off of in the future.
  6. Covering your mortgage or child’s college education if something devastating were to happen. Life insurance is an affordable way to cover these and other expenses to lessen the burden on your family.

All of our clients have different needs, objectives and time horizons. We listen to your goals, analyze your needs and make sure you, your family and your business are properly protected. Please contact CNR’s Life Consultant David Prensky today to schedule your comprehensive review or FREE life insurance consultation. Dial direct at 443-321-0187 or email david@cnrinsurance.com.

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