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Insurance gets a bad rap and, as policies go, life insurance might be at the top of the list. But we\u2019d like it to be on the top of your list for another reason. We often think of insurance as a means to paying for funeral expenses, but it can cover situations you might incur that you probably haven\u2019t even considered.<\/p>\n
Supplemental cash.\u00a0Not all life insurance can provide additional retirement income, but if you’ve purchased the right kind, it can offer a lifeline when you need it most. Supplemental income is only possible with certain types of permanent insurance, including\u00a0whole life,\u00a0universal, and\u00a0variable\u00a0life insurance policies, so if this is of interest to you, you’ll want to have a conversation with an insurance agent before making the purchase.<\/p>\n
Life insurance, at its core, is about protecting the ones you love after you\u2019re gone, but some insurance can help you as you move through life\u2019s stages. For example, perhaps your parents purchased life insurance, and now they require care as they age. If they purchased life insurance with a long-term care rider, the coverage may be able to help defray caregiving costs such as those incurred from assisted living, at-home, or a nursing facility.<\/p>\n
College is costly, and often a parent cosigns on the loan, leaving them on the hook to get the debt repaid should you be unable to cover it. A private student loan is part of your estate debt, and if you die before paying it, wouldn\u2019t you prefer that your life insurance policy pays off this loan instead of your parents?<\/p>\n
Business owners need to be covered by several types of insurance. Both key person and personal life insurance are designed to protect the family and cover a succession plan. Additionally, other types of insurance are essential if you don\u2019t have access to employee benefits like a retirement account or disability insurance.<\/p>\n
Extreme hobbyists should pay special attention to the needs and benefits of life insurance. Extreme refers to high-risk activities or lifestyles such as scuba divers and rock climbers. Equally important to life insurance for these hobbyists is coverage for anyone with a high-risk job (think firefighters, workers at high heights, and even NASCAR drivers). If you fall into these categories, talk with an insurance agent since a traditional policy may not be enough coverage.<\/p>\n
Life insurance goes well beyond covering just funeral costs and might be worth adding to your portfolio. If you\u2019ve got questions, we\u2019d like the opportunity to help you find the answers. Call our office at (540) 720-5656<\/a>.<\/p>\n
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