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life insuranceThe New Year is a great time to take stock of your life.  You think about things like where you’ve been, where you want to go.

It’s also a great time to think about Life Insurance.

Because the reasons to get an insurance policy go beyond the funeral.  A policy should make you think about living.

Life Insurance Is for the Living

I have to admit, that tag on a news site is what drew me to this article from Business Insider.

So often we talk about Life Insurance in the context of planning for our deaths.  Funerals costs, mortgages, medical and other debt that we leave behind.

But what about the possibilities that the right policy can create?

In the article referenced above, a young man feels a sense of relief knowing his parents took steps to care for him and his brother.  Tragedy would not displace them from their home.

life insuranceThe story ends happily, but it taught the writer a valuable lesson.

This story in Insurance News Net Magazine discusses a different use for Life Insurance.  It shares how financially comfortable retirees can use an Indexed Universal Life policy to help their daughter’s family.

In addition to providing a death benefit, it provides the possibility to accumulate wealth.  Also, it includes a loan feature that allows for college tuition or debt payments.

Of course, such a policy comes with substantial risk.  Additionally, the accumulation of wealth is not guaranteed.

Our friends at Money Wise break down the different types of Life Insurance policies, their benefits, and risks.  And there are a lot of different types.

Just like you want a Homeowners Insurance policy crafted for your individual needs, a life policy should do the same.  A Term Policy that expires once your child graduates college may be right for you.  One of the newest trends in term life policies is extending terms out to 35 and 40 years. This allows you to get an affordable rate that extends beyond the usual term policy time-frame.

However, you may want a whole, or permanent life policy with a set payment that accumulates as you get older.  This creates a potential investment vehicle for you.

As your local, family-owned independent insurance agent, the Keating Agency has relationships with more than two dozen companies.  Also, we are well-versed on the various types of policies and can help you find the company, type of policy, and payment that make sense for this phase of your life.

Contact us to discuss your options and find out why we have been around for 50 years.  At the Keating Agency, we’re here for you.

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