LIFE INSURANCE AND LEGACY PLANNING

As one of the three main pillars of our planning process, legacy is an often overlooked but vital part of your retirement planning. By effectively planning your legacy and ensuring your financial needs are covered amidst the unexpected, you can help protect and provide for your family, even if you’re incapacitated or unable to care for yourself.

Life insurance is a contract between an insurer and a policyholder in which the insurer agrees to pay a designated beneficiary a sum of money (the “death benefit”) upon the death of the insured person. This death benefit can help your loved ones in several ways, including:

• Paying off debts and mortgages
• Funding your children’s education
• Supporting your spouse or partner
• Creating a trust fund

There are two main types of life insurance:

• Term life insurance provides coverage for a specific period (the term).
• Whole life insurance provides coverage for the policyholder’s entire lifetime.

Life insurance is an important part of financial planning, as it can provide peace of mind knowing that your loved ones will be taken care of financially if something happens to you. You worked hard to care for and provide for your family and your future. We’re here to help you create a plan that takes care of them the way you prefer.