One of life’s rewards for working hard and saving for a rainy day is achieving financial security. One of life’s realities, however, is the possibility of premature death, leaving financial responsibilities for the loved ones left behind.
There is a solution: life insurance. Life insurance can create an immediate cash fund for loved ones. So, even if death is premature, financial security for your family is possible.
Whole Life Insurance
Whole life insurance provides level death benefit protection with level premiums and guaranteed cash values. Whole life insurance can provide needed cash value for emergency family needs and can help supplement future retirement income.
Juvenile Life Insurance
Life insurance may seem like it’s only for those who have people depending on their income, so you might not think of having life insurance for your children. The truth is, life insurance is crucial to anyone’s financial planning and it can be the best way to prepare a child for whatever the future may hold.
Juvenile life insurance provides a quick, easy policy for children that can remain in force for a lifetime and protect their financial future. What’s more, their insurability will be protected because they’ll have the policy in force before any health problems affect their ability to purchase life insurance.
Term insurance provides coverage for a specified period of time, such as 10, 20, or 30 years. It is designed to protect short-term needs, such as debt obligations, mortgages, or protection while children are young. Typically, term insurance does not provide cash value.
10, 20, and 30 Year Level Term Insurance
These programs provide level death benefits for either 10, 20, or 30 years. They can include a guaranteed premium and renewal benefit at the policyholder’s option.
You work hard for what you enjoy in life. Your ability to earn an income is your most valuable asset. You also have continuing expenses such as food, clothing, shelter, utilities, insurance premiums and entertainment. Disability income insurance provides money to replace earned income while disabled from sickness or an accident.
Where will the money come from if you are disabled?
Many people believe they will be covered by Social Security or workers’ compensation if they were to become disabled, but the facts are too great to ignore:
* National Association of Life Underwriters
1 out of 4 workers, ages 35-65, will be disabled for 90 days*
Disability is the cause of nearly 50% of all home foreclosures*
80% of U.S. workers will exhaust their savings in only two months without the ability to earn an income**
Less than 10% of disabling accidents and illnesses are work-related (the other 90% are not, meaning workers’ compensation doesn’t cover them)***
Only 35% of workers applying for Social Security Disability Insurance (SSDI) claim payments in 2009 were approved***
** Commissioner’s Disability Table
*** Council for Disability Awareness, Long-Term Disability Claims Review, 2010