Life Insurance: Protect What Matters Most
Impact Is Here to Help
Life often takes unexpected turns.
That’s why it’s crucial to anticipate the unknown and safeguard against circumstances beyond your control. Don’t burden your loved ones with financial worries. If you were no longer here, how secure would your loved ones' financial future be?
How does life insurance help me?
Life insurance ensures financial stability for loved ones by covering essential expenses like mortgages, education costs, and daily living expenses after your passing.
About 102 million uninsured and underinsured Americans believe they need to buy or increase their life insurance coverage.
Things to Consider
Like any adult who has emotional and financial responsibilities, we think about how our family would make ends meet if we passed away unexpectedly. Most importantly, we should think about the debt we leave behind.
Here is what to consider:
The cost of funerals often leaves a financial commitment behind for surviving loved ones
Money for day-to-day living expenses such as food, gas, and electricity will be needed
A substantial mortgage or rental payment
Child care and education expenses for children
Better Coverage For All Stages of Life
As people move through the stages of life, certain factors dictate the type of life insurance they need. During working years, an employer may provide Term Life insurance, but these benefits are typically temporary and insufficient.
You may need life insurance if:
• You have a spouse, partner, child, parent, sibling, or business partner who relies on you financially.
• You have debt that your estate would be responsible for should you die.
• You have unsecured debt, such as credit card balances or some private student loans.
Exploring Types of Life Insurance
Understanding the diverse needs and preferences of individuals, life insurance comes in various forms.
Term Life insurance provides coverage for a specific period, offering affordability and simplicity, ideal for young families or those with temporary financial obligations.
Permanent Life insurance on the other hand, offers lifelong protection and features a cash value component, making it a valuable asset in long-term financial planning.
Indexed Universal Life insurance offers flexibility and growth potential by tying cash value accumulation to market indexes, catering to those seeking both protection and investment opportunities.
40% of American families would face financial hardship within 6 months if the primary breadwinner were to pass away.
Tax Advantaged Growth
Utilizing life insurance for savings offers significant benefits. Unlike traditional savings vehicles, money saved in life insurance policies enjoy tax-deferred growth, enabling them to accumulate over time. Also, accessing your cash savings through policy loans or withdrawals typically entails no tax obligations, making life insurance an attractive option for building a financial safety net for retirement or handling unexpected financial burdens.
In addition to tax benefits, life insurance serves as a crucial tool for safeguarding the financial well-being of your loved ones. In the unfortunate event of your passing, your beneficiaries can often receive the life insurance payout without facing tax burdens, ensuring they maintain financial stability. With no contribution limits and the flexibility to adjust premium payments according to your financial circumstances, life insurance cash savings afford you the opportunity to tailor your savings strategy to your specific needs and goals, providing both security and flexibility in financial planning.
Living Benefits
Did you know that some life insurance policies offer more than just death benefits? With Living Benefits, policyholders can receive financial support in the event of chronic illness, critical illness, or terminal illness, depending on the type of plan.
This added layer of protection not only ensures financial security during times of hardship but also provides peace of mind for loved ones. In essence, Living Benefits offer a safety net for individuals, ensuring that they can maintain their quality of life without burdening their families with overwhelming medical expenses.
Life insurance is more than just a policy; it's a promise, a promise to shield loved ones from financial hardship, to preserve cherished memories, and to honor the legacy of those who came before us.
Prepare for the future today
One way you can determine if you and your family need the coverage is to review the list below and check some or all that apply to you and your family.
You’re the primary wage earner in your family.
Your family would have trouble living comfortably without your income.
You have regular debts, like mortgage, car payment or credit cards.
You have children under 18.
You want permanent, fully guaranteed coverage.
You'd like to offer a tax-free death benefit to your beneficiary.
