As the seasons transition and we enter fall, it’s a great time to reflect on the importance of securing your loved ones’ future. September is primarily recognized as Life Insurance Awareness Month, a season dedicated to highlighting the significant role that life insurance plays in protecting financial stability for you and your family.
Life insurance is more than just a financial product. It’s designed to offer a safety net to your loved ones in the event of your unexpected passing. This financial protection can help cover essential expenses like mortgage payments, education costs, debts, etc. There are two main types of life insurance that you can purchase: Term Life and Permanent Life.
Term Life Insurance has a specified ending date for the term period, where rates are consistent throughout. Individuals looking for life insurance coverage for a specific debt or situation could benefit significantly from term life insurance. However, once the term policy ends, you can either renew at a higher rate or be left without life insurance.
Permanent Life Insurance policies provide lifelong coverage and the option to build cash value. This type of policy is best suited for those who want to make cash value and guarantee a payout for their loved ones, no matter when they pass away. Generally, permanent life is more expensive than term life, but it could result in a greater payout for your family, depending on your goals. (It is important to note that all guarantees are subject to the claims-paying ability of the insurer.)
With the understanding of the different types of life insurance policies available, Life Insurance Awareness Month serves as a reminder to assess your family’s financial needs and explore your options. Providing your family with financial security is invaluable. By taking the time to understand the different policies and options surrounding life insurance, you can make informed decisions that are best for you and your family.
Planning for expenses during your retirement can feel frustrating with so many unknowns. As financial professionals, we can help you with planning, by answering questions, and connecting you with other professionals you’ll need during your journey. Give us a call today at (603) 261-3736 and let’s talk.
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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.