Life insurance is an important facet of your financial planning. Most people treat their life insurance as a way to pay for their funeral expenses after they’ve died, but the reality is a good life insurance policy should be for between five and seven times your annual income. This gives those you leave behind a way to replace your income in case of your death, as well as pay for your final expenses.
Not all life insurance policies are the same, and we don’t just mean the amount. You’ll want to look at both the total payout as well as the terms of the insurance policy that you choose. You’ll want to look at term life insurance as well as permanent life insurance though there are variations in these two plans as well. The best thing to do is sit down with a financial planner and talk about the expenses you could leave behind. If you have a mortgage and young children, you’ll want to provide for them and may even want to leave behind money for their educational expenses. If you are older and just have a spouse at home and are mortgage-free, you’ll need a much different policy.
Let our financial planning team help you choose the life insurance policy that’s right for you. We can also help you avoid taxes through our “Rich Man Roth” program. We’ll help make your life insurance policy an important part of your financial plan and help ensure that your loved ones are well cared for after you pass away. Give us a call or contact us through our website for more information today.