Insurance Protection and Planning
Life, Health, Disability, Long Term Care, Auto and Homeowners are all types of insurance which can be coordinated to protect many aspects of your wealth
Beyond just protection, the many uses of life insurance One of the most common reasons for buying life insurance is to replace the loss of income that would occur in the event of your death. When you die and your income stops, your family may be left with limited resources. Proceeds from a life insurance policy make cash available to support your family almost immediately upon your death. Life insurance can be used to pay off mortgages, car loans, and other debts, leaving remaining assets intact for your family. Life insurance proceeds can also be used to pay for final expenses and estate taxes.
Finally, life insurance can create an estate for your heirs. This is the protection part of life insurance uses. You can also use insurance as a vehicle to accumulate funds which can be protected for your family from disability, death and creditor protection. A great example is to use whole life insurance to protect college savings. In the event of your death, your children have the funds to go to school. In the event of your disability, the premiums are paid so the cash value continues to accumulate. In the event you are happy and healthy when your children can start college you can use the cash value accumulation to assist with tuition.
The evaluation of your liabilities is the 1st step in determining what amount and type of insurance protection is right for you.