Insurance often gets a bad rap, and life insurance, in particular, may not be on the top of your list of financial priorities. However, we believe it deserves a closer look for reasons beyond just covering funeral expenses. Life insurance can offer benefits and coverage for situations you may not have considered:
- Supplemental Retirement Income: Certain types of permanent life insurance, such as whole life, universal, and variable life insurance policies, can provide supplemental income during retirement. If this is of interest to you, it’s worth discussing with an insurance agent before making a purchase.
- Long-Term Care Coverage: Life insurance policies with a long-term care rider can help cover caregiving costs for aging parents or yourself. This coverage can defray expenses for assisted living, at-home care, or a nursing facility.
- Student Loan Repayment: If you have private student loans and your parents are cosigners, these loans become part of your estate debt. Having a life insurance policy can ensure that these loans are paid off, relieving your parents of this financial burden.
- Business Protection: For business owners, key person and personal life insurance are important for protecting the family and ensuring a smooth succession plan. Additionally, if you lack access to employee benefits like retirement accounts or disability insurance, other types of insurance become beneficial.
- Coverage for High-Risk Activities and Jobs: Extreme hobbyists and individuals with high-risk jobs, such as scuba divers, rock climbers, firefighters, or NASCAR drivers, should consider specialized life insurance coverage. These policies can provide additional coverage beyond traditional life insurance.
Life insurance is not just about protecting your loved ones after you’re gone; it can also provide financial security and support throughout various stages of life. If any of these scenarios resonate with you, give us a call at (540) 720-5656.
Amy Anderson joined the ILG Financial team in 2023 as the client relations coordinator. Her responsibilities include scheduling of appointments, annual check-up notifications, and annuity and required minimum distribution assistance. She is a graduate of Harding University with a degree in Computer Information Systems. Amy and her husband have two children and she enjoys reading, crocheting, music and spending time with her family.
Chase Lopez joined the ILG Financial team in 2020 as an advisor. Chase is a 2016 James Madison University graduate with a degree in management. Chase has been trained under the tutelage of Dave Lopez, who is not only the founder and managing member of ILG Financial, but also is Chase’s uncle and godfather. He also enjoys working alongside his cousin, Megan, who is Dave’s daughter. Chase, as a fiduciary, believes in putting his clients interests first, and building out plans for his clients where they can have a happy and fruitful retirement. He married his beautiful wife in February 2022 and both use most of their free time chasing around their little pup, Aurora.
Jessica Carson joined the ILG Financial team in 2018 as an agent. Jessica and her husband have four children, two dogs, 3 barn cats, 5 chickens, and three parakeets. She indeed loves her children and pets! When not at work, Jessica enjoys playing the piano and cello as well as traveling and spending time outside with her family, hiking, fishing, and boating.
Terri Center joined the ILG Financial team in 2019 as client services manager. She handles client records, application processing, and gathering information to provide a professional and friendly experience with all of our clients. Terri is a graduate of Oakland University. She is married and has two children. She enjoys hiking, family time, and puzzle challenging video games. She also likes to share her creativity in her canvas paintings and sewing projects.
Megan Jones joined the ILG Financial team in 2020 as marketing director. Megan and her husband live in Fredericksburg, VA with their German Short Haired Pointer, Gus. Megan is a graduate of Longwood University and holds a degree in communications. Megan is the oldest of Dave Lopez’s three children and not only enjoys working alongside her father, but also with her cousin, Chase, who joined the ILG Financial team in 2020 as an advisor. When not at work, Megan enjoys sitting on the back porch with family and friends enjoying food and music.