LIFE INSURANCE

Life Insurance may be one of the most important purchases you will ever make. In the event of a tragedy, life insurance proceeds can help pay bills, continue a family business, finance future needs like your children’s education, protect your spouse’s retirement plans, and much more.

If someone depends on you financially, chances are you need life insurance. Life Insurance provides cash to your family after your death. This cash (death benefit) replaces your income and can help your family meet many important financial needs like daily living expenses, mortgage payments and college savings. Also, there is no federal income tax on life insurance benefits.

To help you understand how life insurance might apply to your particular situation we have listed different scenarios below. So, whether you are young or old, married or single, have children or don’t, take a moment to consider how life insurance might fit into your financial plans.

• You are married 
• You are a single parent 
• You are a stay at home parent 
• You are retired 
• You are a business owner 
• You are single 

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There are many kinds of life insurance, but they generally fall into two categories:

Term Insurance: Term Insurance is designed to meet temporary needs. It provides protection for a specific period of time and generally pays a benefit only if you die within that term. This type of life insurance often makes sense when you have a need for coverage that will disappear at a specific point in time.

Permanent Insurance: Permanent Insurance provides lifelong protection. This type of life insurance accumulates cash value and is priced for you to keep over a long period of time. As long as you pay the premiums, have no loans, withdrawals or surrenders are taken, the full face amount will be paid to your beneficiary.

The best way to figure out the amount and type of insurance you will need that makes sense for your lifestyle is to meet with Barbara Fausnight who specializes in the benefits of life insurance. Call and set a time that is great for you. Our phone number at Executive Insurance Group is 330.966.0080.

If you have any further questions, please call us at Executive Insurance Group. Our team of experts can be reached Mon-Fri 8 a.m.-5 p.m. at 330.966.0080 locally, 800.981.0080 toll free, or email:  info@executiveinsurance.com