Life insurance offers unique, essential wealth protection characteristics unequaled by any other product. Most experts agree that such protection is fundamental to any successful financial plan. In the event of an unexpected occurrence, it can provide security against the loss of assets – the hard-earned money you have worked to acquire – and protection for those who depend upon you financially.
All life insurance products have one attribute: they provide cash to your family through a death benefit.
With a life insurance policy, you have the peace of mind that you and your loved ones have laid a firm foundation for your financial future. Without a life insurance policy, your best-laid financial plans could crumble before your heirs’ eyes. Even worse, your survivors could be left with burdensome debt. It is an excellent exercise to think about what would happen if you passed away today. Would your family have money to pay your final expenses? Would they meet the actual living costs – such as medical and utility bills, grocery, and mortgage payments? A life insurance policy can help position you to answer ‘yes’ to all of these questions confidently.
Life insurance policies, such as permanent cash value insurance, can offer much more than protection. They can provide living benefits that add extra dimensions to your financial plan. Life insurance can help you accumulate tax-deferred interest on cash values depending on your chosen policy. These cash values can offset future educational costs, for instance, or serve as a supplemental funding source for your retirement.
In summary, life insurance can be seen as a potential source of protection (through its death benefits to your family) and financial growth (through its cash value accumulation). Be aware that matching the right insurance product to an individual’s needs and goals can be complicated, and you should consider utilizing the services of a skilled financial professional. Brian Gruss (352-508-4221) can help determine precisely how much and what type of insurance is best for your financial plan.