95% of the time this answer is YES! There are many reasons you should have life insurance. If you own a home or plan to own a home, get life insurance. If you have children or plan on it later in life, get life insurance. If you have student loans or another form of liability, get life insurance. We could go on about reasons to have coverage, but if you are still concerned if it is right for you let’s talk about your situation.
Term insurance is the ideal way to protect your loved ones. It offers large benefits at minimal cost. Permanent coverage is more expensive than term, but it builds cash value and lasts for your life.
When a death benefit is paid out, the beneficiary will get the full amount TAX-FREE.
The easiest way to estimate how much coverage an individual needs is by using the acronym L.I.F.E. Total up your L-iabilities, I-ncome needs, F-inal expenses, and child E-ducation cost. This is a great starting block to give you an idea of how much insurance to buy.
An IUL policy is permanent coverage with cash value that grows based off an Index of your choice, such as the S&P 500. These policies are guaranteed for life and have the ability to grow the death benefit and cash value. IUL’s have the unique power to generate tax-free income in retirement.
Riders are provisions of a policy that add either special protection or coverage to the policy. Some popular riders are premium waiver, children’s insurance, and accelerated benefits - including chronic, critical, and terminal illness benefits at no additional cost.