May: Older Americans Month – The Importance of Comprehensive Life Insurance

As we grow older, start families, travel, build businesses, it becomes clear that financial preparedness is necessary for protection. A sound financial plan allows you comfort in knowing that the necessary funds are available when needed, preventing any future familial burden. Insurance options are confusing, so we’ve gathered a list of benefits that come with a life insurance policy investment.

Supports Your Family and Loved Ones

Life insurance provides your loved ones with financial support as a replacement for your income, if you are the provider. This can be especially important for couples with young children who may be dependent on one income. Life insurance ensures your family will be prepared for future expenses, such as education and medical or long-term care.

Pays Off Debts and Outstanding Expenses

Life insurance covers any outstanding final debts. Debts including mortgages, credit cards, auto loans, and more can add up to tens of thousands of dollars. Sparing your loved ones and dependents the burden of debt can prevent a large amount of financial struggle in your absence.

Provides Additional Support Through Retirement

The right life insurance policy can also contribute towards a retirement plan if needed. Permanent and whole life insurance spans the policy holder’s lifetime and integrates a cash value savings component. These policies serve as a loan supplement to replace income during retirement or are utilized for long term care expenses.

Covers Funeral Expenses

The passing of a loved one is never an easy circumstance. Life insurance can alleviate the extra financial stress of funeral expenses through coverage known as burial or final expense insurance. Your insurance provider can deeply explain all of the available options and which ones might be best for you.

Discuss your options with a licensed insurance professional to ensure you receive the best coverage for you. Each individual has a unique financial circumstance that requires a specific plan. At TCE, we understand that creating a life insurance plan is a comprehensive task. Contact us today to see how our resources can help provide you with a tailored policy to meet your life insurance needs.