Life Insurance

People buy life insurance because they love someone or something.

As a part of your overall financial plan, life insurance allows the people you love to financially recover from your death. Adequate life insurance ensures that your death (and the death of your earning power) doesn't destroy your family's dreams.  

It's especially important to have insurance if you have young children or your partner earns significantly less than you do. They will suffer enough with you gone, don't leave them with financial hardship.

Life insurance can also be used to protect the future of your business, allowing the corporation or your partners to continue if you die.

As with health, disability and long-term care, life insurance requires decent health to obtain a policy. "Health buys it, money pays for it."

Life insurance also comes in many forms. Term policies are like renting insurance for a period of time. Whole and universal life has the potential to insure you throughout your life and can be much more expensive. We can help you analyze what's best for your situation.

The key questions to consider are:

      If you or your spouse died, what responsibilities would you expect life insurance to provide for?

      Do you need to support the mortgage so your family could remain in the same house or support your spouse for some period of time?

      Will your children be able to go to college without your earning power?

      Do you need to cover debt?

      Do you need insurance to help pay for estate taxes?

Barbara Bachelder, CFP® for Wealth by Design, LLC