The Role Life Insurance Plays in your Financial Protection Plan
As we think about the future and the best times to anticipate whatever comes next, there are tools such as life insurance that can help you financially prepare throughout every stage of life. Equipping yourself and your loved ones with coverage can help provide the added peace of mind that comes with knowing those who matter most to you will be financially protected — even as your life and priorities change. A financial protection plan can give you that peace of mind.
There is no time like the present to consider life insurance as a way to help you prepare for your stage of life. Here are a few examples of key times to consider your protection.
The majority of today’s college graduates have student loan debt. If you had a co-signer on your student loans, or want to shield your family from additional debt, it can be a good idea to have a plan in place with life insurance. Locking in lower rates while you are young and likely in better health can provide financial protection with less out of pocket for years to come. Some policies even allow the guaranteed option to purchase regardless of health at times in the future.
Starting a Family
Life insurance can help protect a growing family in the event that you are no longer there. The coverage helps to ensure that the family can stay in their home and help pay for the children’s education. Life insurance helps with household costs such as groceries and credit card bills, and can help cover income from the breadwinner or priceless support of a stay at home spouse.
If you’re nearing retirement age or enjoying retirement now, it’s a good time to start thinking about any remaining debts or final expenses that life insurance can help cover. Tools such as life insurance and annuities can also help you maximize your pension, generate income in a favorable tax basis and have a lifetime of income that you never outlive. These tools can allow you to leave a legacy to your loved ones and ensure wealth is transferred as you wish it to be.
Help protect your reasons “why” at every step of the way with life insurance.