Why Buy Life Insurance?

Having a life insurance policy gives us the peace of mind that our children, or other loved ones in our care, will have the means they need in the event of our death.

What is Life Insurance?

The two main types of life insurance are term life insurance and permanent life insurance.

The vast majority of people need term insurance. With term insurance, you get the most death benefit for the least amount of cost. However, there is a limit to how long you’re covered, whether it’s 10 years, 20 years, or 30 years.

The drawback to term life insurance is that if you outlive your term, the insurance company gets to keep to money.

Many insurance companies will try to use this as a way to sell you permanent life insurance. Typically, permanent insurance is much more expensive.

When Should You Buy Permanent Life Insurance?

Permanent insurance is for wealth transfer. So, you’re 55, and you created a lot of wealth. You don’t want your kids to get taxed, so you start taking money out of your retirement plan and buy a permanent policy at 50, 60, 70 if you’re healthy.

Permanent life insurance could also be helpful for key person insurance. You’ve got a business arrangement, and you want to make sure that if one of your business partners dies, you can buy off the spouse right away.

Basically, don’t get talked into buying permanent insurance if there’s not a wealth transfer or a key person need.

What Type of Life Insurance is Best for Me?

To find out what the best type of life insurance policy is right for you, talk to us or your trusted financial advisor. Just make sure the person you choose has the whole picture in mind, not just investment and not just insurance.

Why Choose Great Lakes Properties and Investments?

We are fiduciaries at Great Lakes, meaning we do what is in the best interest of the client. Not only that, but we have both our insurance license and securities license!

Contact Kevin Walker to learn more about life insurance, retirement, and anything else that has to do with your financial plan!