Life Insurance

Life insurance is a crucial part in planning for your future and the future of your family in case something happens to you and you are unable to provide for them or yourself. Having the right amount and the right kind of insurance can provide for your family’s financial future and ease their burden if you are not around.

The need for life insurance depends on your personal and financial needs. Consider how your family might deal financially without you or your spouse to provide for them.

Will or should your family be able to stay in their current home?
Do you have children that will need to complete their education?
Does your spouse stay at home full time to take care of the family?
Do you have a family member with special needs or an elderly parent to care for?
Is your retirement income sufficient to ensure your spouse’s future and rising cost of living?
If you own your own business, do you have plans outlined and funded for its continuation if you were no longer there to lead it?

As your life changes, so do your life insurance needs. Every few years you should pull out your life insurance policy and look it over to make sure your policy covers your current needs. Some of the following are life changing events that should cause you to look over your life insurance policy or purchase it if you don’t have it:

Marriage or divorce
Birth of a child or grandchild
Starting or expanding a business
A change in your health or your spouses health status
Providing financial assistance to a parent
A child or grandchild requires assistance or long term care or you are planning for their education
Purchase or refinancing of a home, vacation home, or farm/ranch.
You or your spouse recently received an inheritance and you need to do some estate planning for yourself.
You have a sizable estate.

The most common types of life insurance include term life, whole life and universal life insurance.

Term Life Insurance - provides protection for a specified period of time. If you do not currently have life insurance, term can be a good place to start. It’s generally less expensive than permanent (whole) life insurance, and is available in varying time periods with fixed premiums from a one year (annual renewable term) to 30-year (level term) period. Furthermore, term life insurance is sometimes convertible to permanent coverage, providing you with flexibility as your needs change.
Whole Life Insurance - is a form of permanent life insurance that remains in force for your entire lifetime, provided premiums are paid as specified in the policy. Whole life insurance can be an investment opportunity, as many whole life insurance policies also build cash value over time.
Universal Life Insurance - is a form of permanent life insurance characterized by its flexible premiums, face amounts and unbundled pricing structure. Universal life can build cash value, which earns an interest rate that may adjust periodically, but is usually guaranteed not to fall below a certain percentage.

Which type of life insurance is best for you? Talk to Marshall Young Insurance and we can assist you in identifying the best protection for you.

Advantages of Life Insurance

Most husbands will tell you that life insurance is a waste, but most widows will tell you that it is worth the money. Having the right balance should be an essential part of your overall financial plan. Not only can life insurance provide assurance for your family after you are gone, many life insurance options offer other benefits and investment opportunities you can take advantage of while you are living.

Life Insurance Death Benefit

When you pass away, your life insurance provides income (tax-free) to your named beneficiary or beneficiaries that can be used to pay funeral expenses, debt, tuition, estate taxes, or virtually any financial need. Your policy can help provide security for your business as well, by enabling partners to buy out the interests of a deceased partner and prevent a forced liquidation.

Living Benefits

The cash value growth of a permanent (whole) life insurance policy is tax-deferred, meaning you do not pay taxes on the growth of cash value, unless money is withdrawn. Loans or withdrawals can be taken against the cash value of a permanent life insurance policy to help with expenses, such as college tuition or the down payment on a home.

Contact Marshall Young Insurance and let us help you with your life insurance needs today.