Life Insurance - Why do I need it?

Although you may not think about it, your ability to earn income is a significant asset. Life Insurance can help replace lost income in the event of your death. Here are some reasons people buy life insurance.

  • To replace income the family would need to maintain their standard of living after the death of a wage earner.
  • To pay off a mortgage loan and other personal and business debts or to create a rent fund.
  • To create a fund for children's education.
  • To pay final expenses, such as funeral costs and taxes.
  • To create a family emergency fund or a fund for a family member with special needs.
  • To fund the purchase of Corporate shares from the surviving spouse.
  • To provide the funds to replace a Key Executive.

What kind of Insurance is right for me?

The "best" policy for you depends on your objectives and budget.

 

Term

Permanent

Premiums Paid

Usually level premiums payable for specified time, premiums increase if policy is renewed

Usually level premiums payable until insured dies

Death Benefit*

Coverage provided for specified time

Coverage provided until death

Overall Cost

May have the lowest premiums in the SHORT term

May have the lowest premiums in the LONG term

Cash Value

Usually none

Growth is generally federal income tax deferred

For more information, please contact:  Bob Ritzer    Mark Beckham    Dan Treurniet   Clinton Rayfield