Life Insurance



Ensuring the financial security of the people who matter most to you is an important responsibility. This means protecting the value of what you provide for them on a day-to-day basis.

This includes the income you earn, the benefits you provide through work and the responsibilities you have at home such as caring for children or maintaining your home.

For many people, their future earning power is their most valuable asset. Consider how much you will earn over the course of your working career.


Essential Protection for Your Family


Essential Protection means protecting your income with an appropriate amount of life and disability income insurance. These policies help provide financial security for your loved ones if you were to die or become disabled and were no longer able to provide for them.



Without your income, how would your family:


- Pay the mortgage?

- Get the health care they need?

- Provide for your children's education?

- Continue to save for retirement?







The Right Amount of Life Insurance


Life insurance helps maintain your family's standard of living by paying a death benefit that is generally income tax free. It is important to assess the financial needs of your family in order to determine the appropriate amount of coverage to help protect their standard of living.Having the right amount and right type of life insurance can help protect their financial security. The income you earn may be the single largest financial contribution you make to those who matter most in your life.


Building a Foundation for the Future


Once you have determined the right amount, the next step is to decide which type of coverage is right for you. There are two basic types: term life insurance and permanent life insurance. For many people, some combination of the two is the best fit. The good news is that most people can get the coverage they need at a very affordable cost. Once you have the essential protection your family needs, you can focus on your other financial goals – like saving for your children's education or your retirement. Our Wealth Management Advisors can help you understand the benefits that each type of policy offers, and help you determine the coverage that is right for you.


The Cost of Waiting


We've all heard the expression “never put off until tomorrow what you can do today.” The fact is that many people wait to put plans into action, even when they know that delaying is not in their own best interest. Buying the right amount and the right type of life insurance early in life may offer substantial long-term benefits. In general, life insurance premiums increase as you get older. In addition, if you develop a medical condition that worsens over time, your premiums may be higher or you may not be able to get coverage.


Talk to a Professional


Protecting the financial security of your family is important. That's why you need a skilled financial professional to help you get the coverage that is right for you. As your life evolves, your needs may change. You may get married, have children or grandchildren, or advance in your career. Your financial professional will be there every step of the way to help ensure that your life insurance coverage keeps up with these changes and continues to protect those who matter most to you.  Let us know how we can help!



Life Insurance should be Part of Your Investment Portfolio

Do you view life insurance as an investment? Most people don't. The average American looks at insurance of any kind as a burden, something they have to pay for, not a vehicle for wealth management. This is a misconception. Life insurance is one of the most effective, and safest, investments you can make. With the right policy, you can actually build wealth while you're buying peace of mind that your family will be taken care of if anything happens to you. 

This article will take you through a brief summary of some of the life insurance products that are available on the market today. These summaries are educational, not a “buying guide” for you to go out and purchase policies on your own. You should never buy life insurance or insurance annuities without the assistance of an insurance professional. The market is complex and can be confusing if you don't know what you're doing.

What is Term Life Insurance?

Perhaps the best feature of term life insurance is the premium price. Term life rates are much lower than whole life or universal life, but the policy is only good for the life of the term and it does not accumulate cash value. This is a great option for folks who don't know whether they want life insurance or who can't afford the higher premiums of cash value policies. 

Many insurance carriers give you the option of converting term life policies to whole or “permanent” policies when your financial situation improves. Younger people and couples with new-born children often go with term life to start out. As the children grow, changing to whole life insurance is an investment decision, since the cash value of whole life can be borrowed against for unexpected expenses. Cash value classifies as an asset on a personal balance sheet.

What is Whole Life Insurance?

Whole life insurance is an investment. A whole life policy is considered a “permanent” life insurance policy because it stays in place your entire lifetime, provided you pay the premiums. It also accumulates a cash value, so you use it as collateral if you're taking out a loan. Most importantly, a whole life insurance policy pays you dividends, which you can take as income or reinvest by applying them to your premiums. 

Financial advisors and planners will typically recommend whole life as a safe investment to include in your wealth management portfolio. When the stock market goes up or down, your cash value insurance policy continues to grow at a steady rate. It yields more than a savings account, is safer than treasury bonds, and supports your family after you're gone.

What is Senior Life Insurance?

Senior life insurance is whole life insurance typically purchased by seniors to cover final expenses. These policies generally provide anywhere from $10,000 to $40,000 for funeral and burial expenses, but they also accumulate cash value. Seniors can borrow against these policies to cover living expenses if they need to. The premiums are more affordable than a regular whole life policy, so adult children often buy senior life for aging parents.

It's important to note that senior life insurance is not long-term care insurance. LTC policies are in an entirely different category and the guidelines for them vary from state to state. For those of you who are getting ready to retire, it's a good idea to look into LTC insurance because the cost of nursing homes and assisted living facilities continues to rise. 

What are Annuities?

You may be surprised to see these in this insurance summary, but annuities are basically insurance products that you can cash in on while you're still alive. Annuities are long-term investment accounts that are issued by insurance companies. You can buy them with a lump sum payment or make scheduled deposits over a period of time. The money you invest is tax-deferred and you can take payouts from it based on a schedule of your choosing.

There are different types of annuities and, as with any insurance product, you should never attempt to buy them without consulting a qualified financial professional. Financial advisors need to be licensed to sell annuities and registered with a broker dealer to provide them to you. Interest rates can be variable or fixed and term to withdrawal can be several decades or as little as thirteen months. Be sure to ask which is right for you.

Building Your Insurance Portfolio

Hopefully, you view insurance in a different light after reading this article. Life insurance is much more than just another bill you have to pay every month, with a benefit you'll never personally see. It's an investment that can help you build wealth and live more comfortably in your retirement years. Life insurance is also a guarantee that your children or loved ones won't have to go into debt to pay for your final expenses.  

Would you like more information on life insurance and annuities? Savannah Wealth Group provides the life insurance Savannah, GA families and seniors can count on. Our advisors are registered reps who can help you choose the right insurance for your specific needs. Contact us today via email or call 912-999-1805 to speak with a financial professional today.  

Call (912) 999-1805

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