Arvin D. Pfefer - Senior Advisor
 
  Life insurance is a financial resource for your loved ones in the event of your death. You enter into a contract with an insurance company, which promises to provide your beneficiary(ies) with a certain amount of money upon your death.
 
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Do You Really Need Life Insurance?
How Much is Right for You?
What About Rules of Thumb?
What are some other reasons you may want to consider life insurance?
How can I choose the policy that's right for me?
What are my options?
How can I conserve costs?
What if I already have life insurance coverage?
Can I trade or replace my policy? __________ ___________
 

In return, you make periodic payments, known as premiums. The amount of the premiums generally depends on factors such as your age, gender, occupation, medical history and whether you intend to build up cash value in your policy. Some policies may require a medical exam.

Certain types of life insurance may also provide benefits for you and your family while you're still living. Such policies accumulate cash value on a tax-deferred basis that can be used for future needs such as supplementing your retirement income or helping provide for a child's education.

The ability to earn an income can be considered your family's most valuable asset because your income allows you to obtain other assets, particularly the necessities of life and, of course, the creature comforts. However, as we know, the ability to earn an income is not guaranteed. Yet, the need for income may continue for those who were financially dependent upon you. Consequently, your need for life insurance and the amount will depend upon your personal and financial circumstances. If any of the following statements apply to you, you probably do need to consider life insurance:

  • You have a spouse.
  • You have dependent children.
  • You have an aging parent or disabled relative who depends on you for support.
  • You have another loved one that you wish to provide for.
  • You have business or estate planning needs that life insurance can satisfy
  • Your retirement pension and savings are not enough to insure your lived ones' futures against a rising cost of living.
   
 
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