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Life

Like most insurance, life insurance is something most people don’t think they need until it’s too late.  Life insurance education is an important topic that Witthauer Financial Group cares deeply about.  Life insurance isn't just about the death benefit or that you have to die to get the benefit.  Life Insurance is about those that are still living.  What kind of life do you want them to have?  Do you want to leave them with debt or a debt-free life with a yearly income they can have to replace your lost income?  Life Insurance also has a tax advantage in that it can be passed to beneficiaries tax free.  

There are also many misconceptions about life insurance and we want to address the top three head on.

  1. IT’S TOO EXPENSIVE! - There are life insurance policies for every budget.  We look at your needs based on your current and near future needs to help you determine how much protection you should consider and give you different options to choose from.  Would you rather pay a little bit each month or have your spouse or other family members worry about how to pay for a funeral, pay bills for ongoing living expenses, pay off outstanding debt, be able to continue a family business, and take care of your children’s future needs after you die?
  2. I HAVEN’T GOTTEN AROUND TO IT. No one knows when illness or death will strike, so make the time NOW.  The younger and more healthy you are the more affordable life insurance is going to be.
  3. I DON’T NEED IT. If you have debt, are married, married with children, a single parent, stay at home parent, have grown children, you’re retired, a small business owner and if your single, you are in a group of people that may need life insurance. 

If any one of these reasons is why you don’t have life insurance, I encourage you to meet with one of our agents to help you become educated on the facts about life insurance.  We work through a comprehensive needs analysis to figure out what you should consider, help you figure out a budget (if you don’t already have one) that is affordable, and help guide you to understanding how life insurance will help protect your family financially for years to come.

Click below to get an estimate on how much life insurance you need!

https://www.lifehappens.org/insurance-overview/life-insurance/calculate-your-needs/

Types of Life Insurance

Term Life Insurance - This is the lowest cost option that typically appeals to most people.  Most term policies are purchased for 10, 15, 20 or a 30 year term.  Your cost of insurance is guaranteed for that term.  After the term expires, you can still keep your policy, however the cost rises in order to reflect your current age.  Term insurance is great for the "expensive years" where you have a mortgage, car payments and children to raise.

Universal Life - This is a great option for those liking the idea of gaining cash value.  The cost of insurance does change as it gradually increases with age.  One can pay less if they choose when younger, but may need to pay more as they age.

Whole Life or Cash-Value Insurance - If you have interest in wealth building strategies, this is the solution for you.  Gaining cash value, maintaining a consistent premium, and knowing your policy will always be there (as long as you pay premiums).  Whole Life cash value can be used for taking loans, withdrawals, or even help fund retirement.

Whatever your financial goals may be, life insurance should be part of it.  If you aren't protecting your paycheck, it's not going to do you any good in the long run.

Remember "The only life insurance policy that matters, is the one that is in force on the day you die!"

Life insurance should be purchased by individuals that have a need to provide a death benefit to protect others with insurable interests in their lives against financial loss.  Life insurance is not a retirement plan, investment, or savings account.  Life insurance policies’ cash values are not considered liquid. 

Withdrawals and loans from a life insurance policy reduce the life insurance policy’s death benefit and cash value.  Life insurance is not a retirement plan, investment, or savings account.

 

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