Insurance gets a bad rap and, as policies go, life insurance might be at the top of the list. But we’d like it to be on the top of your list for another reason. We often think of insurance as a means to paying for funeral expenses, but it can cover situations you might incur that you probably haven’t even considered.
Supplemental cash. Not all life insurance can provide additional retirement income, but if you’ve purchased the right kind, it can offer a lifeline when you need it most. Supplemental income is only possible with certain types of permanent insurance, including whole life, universal, and variable life insurance policies, so if this is of interest to you, you’ll want to have a conversation with an insurance agent before making the purchase.
Life insurance, at its core, is about protecting the ones you love after you’re gone, but some insurance can help you as you move through life’s stages. For example, perhaps your parents purchased life insurance, and now they require care as they age. If they purchased life insurance with a long-term care rider, the coverage may be able to help defray caregiving costs such as those incurred from assisted living, at-home, or a nursing facility.
College is costly, and often a parent cosigns on the loan, leaving them on the hook to get the debt repaid should you be unable to cover it. A private student loan is part of your estate debt, and if you die before paying it, wouldn’t you prefer that your life insurance policy pays off this loan instead of your parents?
Business owners need to be covered by several types of insurance. Both key person and personal life insurance are designed to protect the family and cover a succession plan. Additionally, other types of insurance are essential if you don’t have access to employee benefits like a retirement account or disability insurance.
Extreme hobbyists should pay special attention to the needs and benefits of life insurance. Extreme refers to high-risk activities or lifestyles such as scuba divers and rock climbers. Equally important to life insurance for these hobbyists is coverage for anyone with a high-risk job (think firefighters, workers at high heights, and even NASCAR drivers). If you fall into these categories, talk with an insurance agent since a traditional policy may not be enough coverage.
Life insurance goes well beyond covering just funeral costs and might be worth adding to your portfolio. If you’ve got questions, we’d like the opportunity to help you find the answers. Call our office at (603) 261-3736.
Bob has a passion for making your money work hard for you. He takes profound joy in ironing out a plan for a long and comfortable retirement, no matter what your current income or level of wealth. With a work ethic second to none, he has a zeal for transforming uncertainty into stable ways for you to protect your future and your family. He knows that the quality of your life you enjoy today can remain as rewarding—or even better—after retirement.
With a strong background in information technology, Carol is instrumental in building operational policies and strategies that keep the organization functioning smoothly. Carol’s organizational skills and her flexibility to jump from priority to priority along with her commitment to customer service makes her an essential part of the Grimard Financial team. When Carol is not working with the Grimard Financial Family, she is a very creative and accomplished photographer.