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Life Insurance
I was almost five years old when I lost our Father to Cancer. My Mother, my brother and I got through, but it wasn’t easy. We lived on Social Security and income from part-time positions Mom picked up. My Father was a successful business owner. He owned his own grocery store; he was the best butcher in our small town. When he died Mom tried to hire a replacement butcher and keep the store running, but it became painfully obvious to her that she could not make a go of it. First of all, she had two small children at home to take care of. My brother, age 9 at the time, and I were raised in a loving home with the help of our Social Security payments. This was “no frills” living.
My Father had saved some money for our college educations, but he never thought about life insurance. Imagine if he had. We could have lived more comfortably than we did. Certainly, we would have had more joy in all of our lives. Instead we struggled, but got by. If you were to die tomorrow or the next day, or the next week, month, year would you want your family to “get by” or will you see to it that they are provided for?
My personal story above is just one of the many possible uses for life insurance- personal protection for one’s family, but there are many other ways that owning life insurance can be beneficial. From funding of an estate plan to gift replacements in charitable giving strategies that yield significant tax deductions, to business continuation plan funding that protects a business partner’s family, the enormity of life insurance’s uses is staggering.
There are many types of life insurance: Many folks have been taught that “buying term and investing the difference” is the only way to purchase life insurance. If you’re one of them, ask yourself how much of the difference have you invested. Perhaps the permanent, cash value policy would have forced you to save so you’d have funds available for an emergency, a child’s education or personal needs, or a down-payment on a home. Properly structured, permanent life insurance is there when you die, even if it is at an old age. Term Insurance is for a period of time. Don’t die during that time and the premium dollars are lost. Will you need life insurance as you get older? In a perfect world, the answer is no. You would have had your retirement dollars all saved up with money to spare, or you could have sold your home and moved to a smaller venue taking the equity in your home to live off of. Are you asking “what retirement funds”? Do you have the kind of equity in your home that you envisioned?
Many elders today are considering a Reverse Mortgage as one of the last remaining options they have to remain in their home. At the end of the day, however, because of poor health and the need for nursing home care, or because the payout can no longer support their needs, many of the elderly are required to turn their family’s home over to the lender. Having life insurance cash values available to repay the lender while living, utilizing a life settlement arrangement to receive funds prior to death or a death benefit to heirs to repay the reverse mortgage loan agreement could allow your heirs to live in the home, wait to sell the home in a seller friendly market or rent it out for income. Without permanent life insurance in place none of those options could have been available.
Don’t wing it when it comes to purchasing any form of insurance. Utilize the services of a knowledgeable, experienced agent who you feel comfortable with. Search out referrals and take the time to meet with the person who is going to help you protect you and your family’s future.
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Thank you for your interest in Financial Concepts planning products and services for both individuals and businesses. We invite you to give us a call 1-650-348-1880 or email us with your questions. We can help you develop clear solutions right from the start
*Disclosure – Securities and Advisory services offered through representatives of LPL Financial, member FINRA & SIPC. FINRA Branch Office: 233 Bloomfield Road, Burlingame, CA 94010.
This is not an offer to sell securities, which may be done only after proper delivery of a prospectus and client suitability is reviewed and determined. Information relating to securities is intended for use by individuals residing in California, Oregon, Texas and Washington only. Advisory Services are offered to residents of the state of California and Texas. LPL Financial is not affiliated with Financial Concepts. Financial Concepts offer insurance & financial services to residents in California, Colorado, Florida and Oregon.
John Pivirotto’s California Insurance License #: 0699308
Financial Concepts’ California Insurance License #: 0786047
