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Life Insurance: The Many Roles

Life Insurance: The Many Roles

| September 20, 2017

Most people are aware of the typical life events that trigger a need for life insurance, such as marriage, the birth of a child, or the purchase of a home.

Life insurance can also help with other important financial needs.

  1. Life insurance isn’t just for the primary wage earner. Consider the value of a stay-at-home parent and the services he or she provides. Premature death of the stay-at-home spouse could result in a tremendous financial strain, and may adversely impact the working spouse’s ability to continue work in the same demanding career.

  2. Small businesses may wish to consider purchasing life insurance policies for key individuals, such as an owner or top employee. If a key person were to die, proceeds could be used to help keep the business running, or provide funds to hire a replacement.

  3. Funeral and estate expenses can easily run into the tens of thousands. Having adequate insurance to cover these expenses can help reduce a loved one’s stress at a highly emotional time, and provide immediate liquidity to cover these expenses. 

  4. Permanent life insurance can help reduce the amount of federal and state taxes owed for the estate, and serve as an efficient way to transfer wealth to your heirs, instead of liquidating valuable assets.

If you have questions about the many roles life insurance can play in your financial plan, give us a call today at 405.767.1230 to schedule an insurance review.