The Many Important Roles of Life Insurance

Most people are aware of the typical life events that trigger a need for life insurance, such as marriage, the birth of a child, or the purchase of a home. But life insurance can also help with other important financial needs:

• Life insurance isn’t just for the primary wage earner. Consider the value of a stay-at-home parent and the services they provide. Premature death could result in a tremendous financial strain or adversely impact the working spouse’s ability to continue to earn the same living. 
• Small businesses may wish to consider purchasing life insurance policies for key individuals, such as an owner or top employee, to help keep the business running and prevent financial distress if that person were to die.
• Funeral and estate expenses can easily run into the tens of thousands. Having adequate insurance to cover these expenses can help reduce a loved one’s stress at a highly emotional time.
• Permanent life insurance can help manage federal and state estate taxes, and serve as an efficient way to transfer wealth to your heirs.

If you have questions about the many roles life insurance can play in your financial plan, reach out today to schedule an insurance review. Call us at 440.349.5110 to make an appointment.

^{This communication is designed to provide accurate and authoritative information on the subjects covered. It is not, however, intended to provide specific legal, tax, or other professional advice. For specific professional assistance, the services of an appropriate professional should be sought.}

^{The cost and availability of life insurance depend on factors such as age, health, and the type and amount of insurance purchased. Before implementing a strategy involving life insurance, it would be prudent to make sure that you are insurable by having the policy approved. As with most financial decisions, there are expenses associated with the purchase of life insurance.  Policies commonly have mortality and expense charges. In addition, if a policy is surrendered prematurely, there may be surrender charges and income tax implications. The guarantees provided by the insurance company are contingent on the claims-paying ability of the issuing company.}