Be there for life - Morning Star Publications
By Matthew T. Parker, Lincoln Financial
Life insurance can be critical to your family’s well-being. Not only can it provide financial support when your family needs it most, it can also keep your estate secure and create a legacy you can pass along with pride.
That’s why it’s important to consider purchasing the appropriate life insurance coverage.
Consider this: 53 percent of Americans recently expressed a heightened need for life insurance due to COVID-19. Furthermore, 36 percent of Americans who don’t already own life insurance plan to within the next 12 months.
Here’s what those who own life insurance plan to use it for:
• Paying for burial costs and final expenses – 84 percent
• Transferring wealth across generations – 66 percent
• Replacing lost wages or income – 62 percent
• Supplementing retirement income – 57 percent
Of course, your needs will be unique to your circumstances. Each type of life insurance offers its own benefits and can be tailored to an individual’s or family’s personal situation.
For example, you may just want simple insurance that pays out a death benefit if you pass away during a certain period of time (Term Life) like 10, 15, 20, or 30 years. You may want the opportunity to build cash value in your policy or take loans or withdrawals if necessary (Universal Life). Loans and withdrawals will reduce the policy’s cash value and death benefit, may cause the policy to lapse, and may have tax implications.
Or, you may want a policy that offers investment options for greater growth potential on top of the ability to take loans or withdraws (Variable Universal Life).
Before investing in variable products, investors should carefully consider the investment objectives, risks, charges and expenses of the variable product and its underlying investment options. The current contract prospectus and underlying fund prospectuses, which are contained in the same document, provide this and other important information. Please contact your financial professional to obtain a free prospectus. Please read the prospectuses carefully before investing or sending money.
In addition, there are special products that pair the income and tax advantaged aspects of life insurance with a built-in long-term care policy. Contrary to common belief, health plans such as Medicare and Medicaid don’t cover all long-term care costs, which can be considerably expensive.
One of the greatest gifts you can give your loved ones is to remove some of their financial worries. The appropriate life insurance policy means that even after you’re gone, you’re still there for them.
*The content of this material was provided to you by Lincoln Financial Advisors, a registered investment advisor for its representatives and their clients. This article may be picked up by other publications under planner’s bylines.
Matthew T Parker is a registered representative and investment advisor representative of Lincoln Financial Advisors Corp., a broker-dealer (member SIPC) and registered investment advisor 214 East Front St, Laurel, DE 19956, 302-875-8300 offering insurance through Lincoln affiliates and other fine companies. Rosemont Wealth Management is not an affiliate of Lincoln Financial Advisors Corp. This information should not be construed as legal or tax advice. You may want to consult a tax advisor regarding this information as it relates to your personal circumstances. The content of this material was provided to you by Lincoln Financial Advisors for its representatives and their clients.
Casey2021-10-14T12:37:08-05:00October 4th, 2021|BUSINESS-STORIES|
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