Why Buy Life Insurance
1. Guaranteed protection
If you have a family, a business, or others who depend on you, the life insurance benefit of a whole life policy acts as a financial safety net. When you die, your beneficiaries will receive a lump-sum payment that is guaranteed to be paid in full (provided all premiums are paid and there are no outstanding loans). It’s essential protection that you can count on to be there for your loved ones when needed.
2. Income replacement
Imagine what would happen to your family if the income you provide suddenly disappeared. With whole life insurance, you can help make sure that your loved ones have the money they need to help:
Pay the mortgage
Afford childcare, health care, or other services
Cover tuition or other college expenses
Eliminate household debt
Preserve a family business
3. Tax-free benefit
Your beneficiaries will be able to enjoy every penny you leave them. That’s because the benefit of a life insurance policy is generally passed along federal income tax free.
4. You have private student loan debt
If your parents co-signed your private student loans, life insurance means they won’t be left with the debt if you die. Even if your parents weren’t co-signers, you don’t want the repercussions of having debt left behind to your estate, especially if you’re married.
Federal student loans are discharged on the death of the borrower. Unfortunately, if you die, private student loans become part of your estate debt. It’s at the discretion of the private lender whether to discharge your debt, according to the Student Loan Borrower Assistance program.
5. You work for yourself or have a family-owned business
If one member of the family is key to the business, their disability or death can cause revenue streams to go south. I recommend a business-owned life insurance policy and business-owned disability insurance that names the business as the beneficiary so it can continue.
Also, if you get a business loan, most lenders will require life insurance like decreasing term life insurance, where the bank is the beneficiary to payoff the loan in if the event the business owner dies. It’s similar to getting life insurance to cover private student loan debt.
6. Funerals are expensive
A final expense insurance plan prepares you financially for everything that goes with the typical funeral cost, including:
Funeral home rental fees
Other funeral home costs, such as a viewing, service, or memorial package
Transportation to and from the cemetery, if you choose burial
Burial expenses if you choose a burial, such as plot, grave marker, and casket
Embalming costs, if you plan to have an open casket
Cremation costs if you decide to be cremated, such as a cremation casket or urn and transportation of your remains
The officiant fee for service
Additional touches for your final sendoff, like the ceremony, music, and flowers
The payout from a final expense plan comes with no strings attached, so your loved ones can use it however they need.
Paul Capozza, Independent Life Insurance Agent
My main focus is to make sure You get the coverage you need at the lowest possible price, with the highest rated carrier. But also assist you through the application and underwriting process. I make it very simple, and EFFICIENT.
For instance, I will be there to assist you from start to finish. From the initial call where we are gathering important information about your coverage needs, to filing out the application, walking through the underwriting process, getting the approval, and finally when the policy is issued, we will be in constant contact.
The majority of my reviews say the same thing, Paul just made it so easy. Paul was very informative. Paul always takes the time to explain in detail and make you feel comfortable.
I am available, 8:00am-5:00pm EST, Monday through Friday BUT I am also on call outside of those hours. Can you reach your life insurance agent at 11:00 pm on a Friday night? With me as your agent, you can.
How about 8:00 pm on a Saturday/Sunday night? You can reach me!!
I understand how important it is to make sure you have the proper protection for your family and sometimes the simplest of questions need to be answered.
