As the seasons transition and we enter fall, it’s a great time to reflect on the importance of securing your loved ones’ future. September is primarily recognized as Life Insurance Awareness Month, a season dedicated to highlighting the significant role that life insurance plays in protecting financial stability for you and your family.
Life insurance is more than just a financial product. It’s designed to offer a safety net to your loved ones in the event of your unexpected passing. This financial protection can help cover essential expenses like mortgage payments, education costs, debts, etc. There are two main types of life insurance that you can purchase: Term Life and Permanent Life.
Term Life Insurance has a specified ending date for the term period, where rates are consistent throughout. Individuals looking for life insurance coverage for a specific debt or situation could benefit significantly from term life insurance. However, once the term policy ends, you can either renew at a higher rate or be left without life insurance.
Permanent Life Insurance policies provide lifelong coverage and the option to build cash value. This type of policy is best suited for those who want to make cash value and guarantee a payout for their loved ones, no matter when they pass away. Generally, permanent life is more expensive than term life, but it could result in a greater payout for your family, depending on your goals. (It is important to note that all guarantees are subject to the claims-paying ability of the insurer.)
With the understanding of the different types of life insurance policies available, Life Insurance Awareness Month serves as a reminder to assess your family’s financial needs and explore your options. Providing your family with financial security is invaluable. By taking the time to understand the different policies and options surrounding life insurance, you can make informed decisions that are best for you and your family.
Planning for expenses during your retirement can feel frustrating with so many unknowns. As financial professionals, we can help you with planning, by answering questions, and connecting you with other professionals you’ll need during your journey. Give us a call today at (540) 720-5656 and let’s talk.
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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. Megan is also a fully licensed Life, Health, and Annuity agent. When not at work, Megan enjoys sitting on the back porch with family and friends enjoying food and music.
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.
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.
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.
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.