Protect yourself and your loved ones
Life insurance protection is another step on the road to financial peace of mind. It can be a cornerstone of a sound financial plan, providing financial stability to a surviving spouse, children, or other family members.
To start, determine your net earnings after taxes as well as your routine living expenses. Then take into account any outstanding debt – such as mortgages, education loans, or other loans – as well as future tuition bills and how much a surviving spouse might need to adequately fund a retirement nest egg. Generally, you'll want a benefit that will cover all of these expenses.
While ensuring the financial security of loved ones is a critical use of life insurance, there are other ways it can be used to meet planning goals throughout the stages of one's life.
- Cash value life insurance may provide you access to needed funds in your lifetime.
- People in their peak earning years can use life insurance to protect their wealth while accumulating additional tax-deferred assets.
- Older people may use life insurance as part of an estate planning strategy designed to pass more wealth to future generations – and less to Uncle Sam.
For more information, see our life insurance page.