Insurance gets a bad rap and, as policies go, life insurance might be at the top of the list. But we’d 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’t even considered.
Supplemental cash. Not 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 whole life, universal, and variable life 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.
Life insurance, at its core, is about protecting the ones you love after you’re gone, but some insurance can help you as you move through life’s 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.
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’t you prefer that your life insurance policy pays off this loan instead of your parents?
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’t have access to employee benefits like a retirement account or disability insurance.
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.
Life insurance goes well beyond covering just funeral costs and might be worth adding to your portfolio. If you’ve got questions, we’d like the opportunity to help you find the answers. Call our office 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.