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The Importance Of Life Insurance


Life insurance provides for someone or something that you love in a tax efficient manner when you pass away. It can provide important protection to help those who depend on you or a charity that is important to you after your death. It is purchased because of a need or a desire to provide a monetary benefit. There are two types of needs – cash needs and income needs. Cash needs include end-of-life costs, funeral expenses, medical expenses, paying off outstanding debts and mortgages, as well as educational expenses for children, both early education as well as college funding, for example. These could be covered for your survivors with the tax free payments from a life insurance policy. Consideration then needs to be made for your desires – do you want to leave a legacy to members of your family to assist them in life? It’s reassuring to know that you aren’t leaving your loved ones with a financial hardship.

Call Chartered Financial Services at 800-549-6007 to learn more about life insurance quotes and coverage or contact us if you have any additional questions.


Understanding Life Insurance

Not only do most people need life insurance, but they also usually underestimate the amount needed. Unexpected costs can take a toll on savings, leaving your loved ones with an unintended financial hardship after you pass away. The proper amount of insurance is based upon your need as well as what you desire it to provide for you and those important to you.

There are many different types of life insurance policies that are largely grouped into two different categories: term and permanent. Term insurance is temporary in nature, meaning that it lasts for a set number of years. Permanent insurance is permanent in nature meaning that it will always be in force as long as you live (as long as premiums are paid) and pays out a death benefit. 

Life insurance has many riders and additional benefits to choose from. Among them are riders that can pay the premium if you become disabled, increase the death beneift if you die accidently, provide a benefit for long term care needs, as well as increase your death benefit over time. Some life insurance policies may also build cash value which can be used in a tax effecient manner if set up and funded appropriately. 

The different types of life insurance suit different types of needs. The best way to make sure you have the proper insurance coverage is to work with an experienced professional who understands your needs and has access to a comprehensive selection of insurance products. We work with a variety of life insurance carriers to find the best match for you.

The professionals at Chartered Financial Services can help you find the right life insurance policy for your needs and desires and will help you work it into your overall financial plan. Call us today at 800-549-6007 to learn more about your life options.