Why do you get life insurance? It may be because you understand that tragedy can strike in a moment. Or perhaps you may want to make sure your family is taken care of after you’re gone.

Life insurance helps provide you and your family with peace of mind for your future needs.

Insurance payouts may cover the following so that your family can sustain a comfortable standard of living:

  1. Mortgages
  2. Car payments
  3. Other ongoing debts

Here are six reasons to consider for buying life insurance:

  1. Pay funeral and burial costs
  2. Cover children’s ongoing expenses
  3. Replace lost income
  4. Pay off debts
  5. Buy a business partner’s share
  6. Pay taxes

Reexamining your insurance needs.

Is there a time in your life when you no longer need life insurance? For example, your children are grown, your debts are paid, you’re retired, your savings are adequate, and retirement income levels are sustainable.

How do you determine your life insurance needs at different stages in life?

If you’ve achieved your retirement goals and built robust savings, you may not need life insurance coverage or you may want to reduce it. However, before you make changes, review your finances closely to see what options are best for you.

Examine pension and other retirement funds to make sure proper survivor designations are in place and sufficient benefits will be available. A minor income reduction, for example, can significantly hamper a survivor’s lifestyle and ability to keep pace with ongoing expenses.

You may need life insurance to cover peripheral financial expenses. These include estate taxes, retirement distribution fees, or charities. Owners of larger farms or businesses may need additional coverage to pay unanticipated taxes or other fees to avoid losing the properties.

Long-term care later in retirement may cost thousands of dollars per month. Life insurance may help offset or cover potential medical expenses or maintain care insurance payments.

Therefore, you have several options that are worth exploring that may help you streamline your insurance needs.

If you would like to discuss your current financial needs or review your current policy, we’re happy to talk.

Disclaimer:
Advisory services offered through Coppell Advisory Solutions, LLC dab Fusion Capital Management, which is registered as an investment advisor with the SEC and only transacts business in states where it is properly registered or is excluded or exempted from registration requirements. SEC registration does not constitute an endorsement of the firm by the Commission and does not imply that the advisor has achieved a particular level of skill or ability. All investment strategies have the potential for profit or loss. Third party ratings and recognitions are no guarantee of future investment success and do not ensure that a client or prospective client will experience a higher level of performance or results. These ratings should not be construed as an endorsement of the advisor by any client nor are they representative of any one client’s evaluation.
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