September is Life Insurance Awareness Month!
We live in the golden age of information. The problem with this abundance of knowledge at our fingertips is that sometimes it’s easy to get overwhelmed and when we make mistakes based on the wrong information, we can cost ourselves hundreds or even thousands of dollars.
Because of this information overload, life insurance has gotten a bad rap over the years, and usually that reputation hasn’t been earned. Of course, everyone’s situation is different so life insurance may or may not be a benefit to you.
I’m sure you’re aware of life insurance’s primary function – replacing income should you or your spouse pass away. There may be a few benefits you weren’t aware of, though.
There are several types of life insurance today. For example, some insurance will also cover healthcare, long-term-care needs, and even assisted living.
On top of that, many life insurances build up a cash value, which is a great benefit should you never need those other benefits we just mentioned.
Something else you may not have considered is that life insurance can serve as an alternative investment to Roth IRAs. They serve as an investment vehicle for tax-deferred growth and tax-free income, and even tax-free medical benefits.
Because of all these additional benefits to life insurance today, it’s become a valid alternative retirement savings option.
Many years ago, one of my first clients passed away and I went to visit his wife afterward. We hugged and cried before we sat down to look over her finances. Because of the planning we had done with this program, I knew, and she knew, that she was going to be okay financially.
Today, there are so many options available with life insurance. Don’t misunderstand or be frightened by the word ‘insurance’. Today’s life insurance programs have so many more benefits than they did in the past. Call our office at (435)773-9444 today to find out what life insurance could do for you.