Why is Life Insurance Important to You?
In addition to providing an inheritance for a loved one, life insurance can also provide additional benefits that can assist with lifetime planning.
Family Members with Special Needs
If a family member or child has special needs, purchasing a life insurance policy that is owned in a trust can ensure that there will be additional control over the funds throughout all stages of their lifetime. Providing the added security that regardless of what the future holds, the inheritance that is left behind will be dedicated to cover expenses related to their care, education and daily living needs.
Stay-at-Home Parent
As a single income household, typically the breadwinner purchases life insurance to ensure there is income protection to cover the family’s daily living expenses in the event something were to happen to them. Insuring the life of a stay-at-home parent provides the added protection to cover costs associated with daily child care along with other activities that the stay-at-home parent maintains to keep the household running.
Co-signed for Debt
If you are a co-signee on an application for a student loan, car payment or credit card, should something happen to either party, the survivor would be responsible for that debt. Life insurance provides the additional financial protection of helping to pay off the loan, in the event the co-signee passes away. This is extremely beneficial, especially for a young adult who would be responsible for the debt going forward.
Caring for Aging Parents
If an individual has parents who are dependent on them, whether it be financially or for daily living assistance, life insurance can provide the financial security that the cost of caregiving would be covered and maintained in the event of their passing.
Maxed out on Savings
While preparing for retirement years, many individuals will contribute the legal maximum, or ‘max out’on their IRA, 401K, or other qualified accounts. The cash value component within a life insurance policy can provide supplemental income during retirement years to assist with unexpected expenses such as health care costs.
The information contained herein is general in nature, has been obtained from various sources believed to be reliable and is subject to changes in the Internal Revenue Code, as well as other areas of law.
This material is for informational purposes only and should not be construed as a solicitation of any particular insurance product or insurance carrier. Insur-ance is sold through Oppenheimer Life Agency, Ltd. (OLA), an indirect wholly owned subsidiary of Oppenheimer Holdings. Before purchasing a policy of insurance, please review both the insurance carrier and the insurance policy carefully before investing.
A strategic alliance exists between OLA and various outside providers whereby products and services may be utilized. Such providers may receive compensa-tion as a result of the strategic alliance. However, the firms are completely independent of each other.
This material is not a recommendation as defined in Regulation Best Interest adopted by the Securities and Exchange Commission. It is provided to you after you have received Form CRS, Regulation Best Interest disclosure and other materials.
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