Why Life Insurance Should Be a Fundamental Part of Your Financial Plan
There are plenty of elements to a sound financial plan. It frequently starts with a solid, workable budget you can live with. There are short and long term investment strategies. It may involve the purchase of real estate, the acquisition of liquid assets and retirement planning.
As assets become increasingly valuable and important in your financial plan, protecting them becomes more and more vital. It is the primary purpose of loss prevention products like homeowners insurance. One often under-appreciated asset you have is your ability to make a living. It is why life insurance should be a fundamental part of your financial plan.
Consider, for example, that if you make $50,000 annually, you will generate a million dollars over the next 20 years. If you make $100,000 annually you’ll achieve that mark in just ten years. You are, in fact, like a money making machine. How would your family reproduce that income in the event of your death? It can be accomplished through life insurance.
Life insurance assures that in the event of your death, a certain amount of your income would be replaced through proceeds from the policy. One of the best aspects is that you can choose just how much of that income you insure. You could replace several years of income or provide for your home and debts to be paid. You can decide to secure enough coverage to pay for your children’s college education or to leave a trust fund.
You may be surprised at just how affordable even a significant amount of life insurance coverage can be. Term life insurance, particularly when purchased young enough, is often a good option. To discuss your choices, please contact one of our independent life insurance agents today. We can go to work, comparing the rates from a variety of companies we work with. You decide your budget, you determine the coverage.
Having a solid financial plan is an excellent path to the future. Just make sure you are sufficiently protecting your assets including your life. We can help. We look forward to assisting you.