January 9, 2012
After your children are grown, and if you’ve been lucky enough to hang onto and grow some of the money you’ve made, you can finally think beyond your immediately needs. Having a financial plan — a strategy for reaching your financial goals — is the key, to building wealth and being prepared to put a plan into action at the end of your life.
One of the tools that you can use in financial planning is life insurance. In younger years, buying the cheapest life insurance possible is one way to ensure that your family can replace your income if you die. Younger people usually focus on less-expensive “term” life insurance, buying as much coverage as possible for a specific time — 15 years, say.
Once there’s additional money, your financial plan can also benefit from another type of insurance called permanent life insurance.
The basic types of life insurance are:
Whole life insurance – Whole life is the simplest form of coverage. Policyholders enjoy lifelong insurance protection, guaranteed consistent premiums, a death benefit, and a cash value option. It also means that you can borrow or withdraw from the cash value portion of your policy whenever you like.
Variable life insurance – It offers many investment opportunities and flexible terms. The most unique feature of variable life insurance policies is that they allow the insured to adjust, to an extent, the policy’s death benefit as well as the size and timing of the premiums.
Universal life insurance – Universal life can offer inexpensive, guaranteed protection with optimal flexibility. With universal life insurance policies, you have the ability to change your premiums and death benefit within limits. You can also choose to grow the policy’s cash value or pay cheaper premiums in order to concentrate on your guaranteed death benefit.
Deployed strategically in a financial plan, permanent life insurance can provide many benefits. Through careful financial planning, life insurance can help you accomplish things in death that you could not accomplish in life. If you’ve been unable, for example, to be the philanthropist you wished, you can name an institution, a group or a school as a beneficiary of your insurance policy.
Whether you’re just starting to save for retirement, well on your way to retiring or are already retired, Campbell & Boyd can provide you the retirement planning services you need to navigate the retirement planning process. Contact Campbell & Boyd now and follow us on Facebook.
CAMPBELL & BOYD
20 Technology Dr, Ste 4
PO Box 1260
Brattleboro, VT 05302
tel: 802-257-9500
email: ddboyd@campbell-boyd.com
The role of an agent is both an advisor and a seller. As agents function as salespersons, before purchasing a policy, it is important to seek an agent who can offer comprehensive advice rather than simply a desire to sell. According to the 10 rules to be followed by the buyers of policies developed by the American Council of Life Insurance, rule number three states to select a competent, knowledgeable and trustworthy agent. There are laws that limit the power and penalize the agent for misconduct.
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