Taking time to look closely at your family's financial protection should not be taken for granted. Have you ever thought through scenarios with your absence, could your family continue their lifestyle or would they be at the mercy of family and friends? The ongoing mortgage, rent, basic living expenses and college fund still need to be managed every month.
Many families, even those with a significant income, live paycheck to paycheck. With the loss of a loved one comes the loss of regular income. The paycheck stops! How would you replace that income?
Self insuring can be risky. I hear comments like, my wife can sell the house. Well, what if there is a recession? I also hear, my family can sell all the assets. That may seem like an easy solution, but selling all of your assets that you have worked so hard for over the years isn't always the best answer.
Have you ever heard of OPP (other people's money)? For just pennies on the dollar, you can buy a pool of money that would replace your income and more. Use your assets to create a legacy for your children and grandchildren or your favorite charity. Remember, Life Insurance is asset protection.Life Insurance is more than just a death benefit. "Living Benefits", as the name implies, adds value during the living years of the policyholder. It provides access to cash through loans or dividend withdrawals that can help pay for a child's college, buy a home, to start or expand a business or to supplement retirement income. The taxes are deferred and the withdrawal is tax free! Just be sure to take the time to make the right choice. Protect those you love and care about in your family and your business.
Keep in mind that Life Insurance is the most selfless gift you can give those you love.