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Wednesday, January 4, 2012

The many uses of life insurance

The many uses of life insurance

Most of us buy life insurance to replace the loss of income that would occur should we die or to create an estate for our loved ones, but there are many other reasons:

People depend on you — you have an aging parent or disabled relative who depends on you for support

Retirement needs — your retirement savings and pension won’t be enough to support your family

Estate planning — you have a large estate and expect to owe estate taxes

Joint debt — you have a substantial joint financial obligation, such as a personal loan for which another person would be legally responsible after your death

If you own a business you may wish to consider life insurance for:

Key person — life insurance can be used to help protect a business from the loss of income and profits caused by the death of a key employee

Business continuation — life insurance can be used to help fund a buy/sell agreement or stock redemption plan to enable a partner or group of employees to buy the business interest of a deceased partner

Business loans — insurance on a key employee or business owner can be used to pay off or help pay down the debts of a business in the event of that individual’s death

Prepare for the unexpectedI can help you analyze your individual situation so you can determine your life insurance requirements and be sure your coverage is appropriate for your needs and your family.

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