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When to Insure?

When and what kind of life insurance is right for your family?

While life insurance is not a solution for every financial situation, when it comes to having a sound financial plan, there are few items more important than ensuring your loved ones will be in good financial shape should you unexpectedly pass away.


Here are a few examples where insurance can be a viable alternative:


Income replacement- Most married couples have planned for a future based on two incomes – but what if one of you passes away? Life insurance can be used to replace the lost income, so the survivor can meet their month to month obligations.


Debt Protection (Mortgage, future college expenses, etc.)  For the average family, the largest monthly expense is your mortgage payment. Life insurance can be used to provide income for the same length and amount required to meet these obligations.


Final Expenses- Unfortunately, funeral expenses, burial costs and final medical bills can be a significant obligation for loved ones to shoulder in an already difficult time.


Estate Planning- Life insurance policies can be utilized in several different ways to transfer wealth to your family while avoiding estate and gift taxes.


If you already have life insurance, that doesn’t mean you should just ignore it. You should periodically have your policy reviewed to make sure it still meets your needs and that the policy is performing as it was intended. At the very least, review your policies when you have major life events like the birth of a child or the purchase of a new home.  We view life insurance as another tool to achieve your financial goals. While it is not our primary focus, several of our advisors are licensed North Carolina (and several other states) Life Insurance Agents.

REQUIRED DISCLOSURES:  Past performance is no guarantee of future results. Investments in securities are not FDIC insured, and may lose value.   Please consult a current prospectus prior to investing in mutual fund shares. All information contained herein gathered from sources deemed to be reliable. For more complete information, please see your official statement. The views are those of Lyn Adams and should not be construed as investment advice. All economic and performance data is historical and not indicative of future results. Investors cannot invest directly in an index.

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