Choosing a life insurance policy that can help protect your family’s financial needs is a big decision, and the first steps to making that decision are knowing how life insurance works and what type of coverage is right for you and your loved ones. The policy will provide a death benefit, paid to your beneficiary (usually a spouse or other family member), upon your death. The amount of coverage you choose is used to help your family cover service, cremation, or burial expenses, as well as to replace income, pay off debt, and fulfill your planning goals.
Who needs Life Insurance? Everyone's unique situation is different. Therefore, their need for life insurance may be differ. Traditionally the goal of life insurance is to provide a measure of financial security for one’s family after death. However life insurance also provides a number of living benefits and can be used as a tool for retirement planning, college planning, estate planning, and business planning.
Two Types of Life Insurance:
Term Life Insurance provides a death benefit for a specified period of time, most commonly ranging from 10-30 year periods of time. Some carriers offer chronic illness and injury benefits with their term life insurance products. Most cost effective for younger individuals and couples in the short term making sure your family and loved ones are covered in the event life throws a curveball. In the long term, having only term insurance less effective and efficient.
Permanent Life Insurance provides a death benefit, cash accumulation and a chronic illness and injury component. As the name states, the life insurance is permanent with this type of life insurance. When a permanent life insurance policy is structured and funded properly, a function of time plus the amount funded to match your goal’s and objectives, you will have a life insurance policy that will be in place when you pass and will offer a vehicle of tax free dollars to access and used as you wish. Permanent life insurance vehicles come in a variety of flavors here are three: whole life, universal life and indexed universal life. Permanent life insurance falls under IRC Section 7702, maybe the most tax efficient section of the tax code accessible to people of all income ranges.
As a professional insurance planner, after taking a 30,000-foot view of your situation we can accomplish your goals, objectives, needs and wants with the appropriate insurance vehicle or combination of insurance vehicles set alone or within an advanced strategy accomplishing a variety of objectives, both personally and within your business. Add the power of our team approach married with being proactive and comprehensive, the level of planning available with Schwartz Financial, LLC and team will bring smiles to you, your family and all involved with your business.
Already have a life insurance policy in place? It is prudent to re-evaluate life insurance policies annually or when you experience a major life event like marriage, divorce, the birth or adoption of a child, or purchase of a major item such as a house or business.
Protecting your business with the correct insurance coverages can be complicated. Businesses have many areas of risk and it's important to work with an experienced agent that can make sure you're adequately covered. Liability, Commercial Fire, Inland Marine, Workers Compensation, & Cyber Protection are all areas to consider, and that's not all.
Who needs Business Insurance? Whether you run a business with 100+ employees in several different states, or you're a sole proprietor doing business on your own, there are risks. Having the right coverage in place will protect your business from the unexpected, so you can keep your business running.
Already have business insurance? Have you reviewed it recently? At Schwartz Financial, we can review your current policies, and show you if you have places to improve. With several different carriers available, we're able to find the most affordable solution.
Long-Term Care Insurance
Long-term care insurance can provide financial protection and peace of mind to individuals who may need assistance with daily activities, such as bathing, dressing, and eating, due to chronic illness, disability, or aging. This type of insurance can help cover the costs of long-term care services, such as home healthcare, nursing home care, and assisted living, which can be very expensive and can quickly deplete savings. By having long-term care insurance, individuals can protect their assets and maintain their independence and quality of life in the event that they require long-term care.
Already have long-term care insurance? Have you reviewed it recently? At Schwartz Financial, we can review your current policies, and show you if you have places to improve. With several different carriers available, we're able to find the most affordable solution.