Life Events and Stages
Preparing For The Expected... And The Unexpected
- No matter where you are in life, one thing is certain: If someone depends on you financially, you probably need life insurance. Why? Because life insurance provides critical financial support in the case of your premature death - so loved ones won't be left wondering how to pay the bills.
Life insurance can also play a key role in sustaining a small business, paying for college and supplementing your retirement. It can also help you transfer your wealth to the next generation.
Every life has its own story, but generally speaking, here are some ways the right coverage can meet your needs throughout life's journey.
- Getting Married
- Buying A Home
- Managing A Growing Family
- Becoming A Stay At Home Parent
- Running Your Own Business
- The Single Life
- Life After The Kids Have Moved Out
- Planning For Retirement
- Supporting Aging Parents
- Estate And Legacy Planning
Life insurance and annuities issued by:
Liberty Life Assurance Company of Boston, a Liberty Mutual company
Home office: Boston, Mass. Service center: Dover, N.H Getting Married
Congratulations! This is an exciting time when you and your spouse embark on new adventures together such as buying a home, planning a family or maybe even changing careers. With so much happening at once, sometimes it's hard to know in which direction to turn.
As you make plans for your future together, ask yourselves this: What would happen if suddenly one of you weren't there? Would that cause financial hardship for the other person? It's a scary thought, and something that many of us don't want to think about.
There is a simple solution, though - talk to an agent about life insurance. An insurance professional can help you determine what your needs are and suggest the right products for you. If you need added incentive, consider this: Life insurance premiums can be less expensive when people buy it at a younger age.
Buying A Home
A home to call your own...it's a goal for many, and often times a home is the largest single purchase a person will make. A mortgage is a big financial commitment, and a large portion of your paycheck may go toward paying off that obligation. While this may not be of concern to you now, have you considered what would happen to your home if your income disappeared? Would your family be able to stay there?
Just as you insure valuables like your home and car, you may want to consider insuring your earning power by purchasing life insurance. In the event of your death, life insurance will provide a tax-free death benefit for your beneficiaries, allowing them to replace your income that may have helped pay the mortgage.
Family makes a house a home. Ensure that your loved ones will enjoy theirs for years to come.
Managing A Growing Family
Now that you have children, you have a new perspective on life. Suddenly your kids are the center of your world, and you would do whatever it takes to protect them. That protection could be anything from making sure your little ones get off to school okay, to lending a healing touch when one of them doesn't feel well.
Just as important as the physical protection, though, is the financial protection. Once you have dependents who rely on you financially, it's important to consider buying life insurance. In the event of your death, life insurance can give your loved ones the funds they need to maintain their lifestyle. It can be used to pay off the mortgage on your family's home, pay monthly bills, provide a college education, or just be there as a safety net.
According to research, 22 percent of families with dependent children admit they will have immediate trouble meeting everyday living expenses, and another 26 percent can cover expenses for only a few months if a primary wage earner dies.1
Take steps today to meet the protection needs of your family. Life insurance is one thing you can take care of now to make sure your family is taken care of tomorrow.
Becoming A Stay At Home Parent
As a stay at home parent you may not have an ongoing income, but the services you provide your family are priceless. If you put a price tag on your responsibilities, daily childcare and household duties would be very expensive if suddenly your family had to pay someone to provide these services. For this reason, life insurance is as crucial for you as it is for someone bringing home a weekly paycheck. Not convinced? Consider this: The results of a 2010 survey showed that the time mothers spend on the 10 most popular "mom job functions" equates to an annual cash compensation of $117,856 for a stay-at-home mom.1
Considering life insurance is an important step in ensuring your loved ones could maintain their lifestyle if something were to happen to you.
Running Your Own Business
You're proud of what you've built, and you want to make sure you've put plans in place to protect it. What would happen to your business if you, your business partner or a key employee died tomorrow?
Life insurance can step in to fund a buy-sell agreement that would make sure remaining owners can buy out your company interest from your heirs. It can also cover a key employee, providing the business with the financial ability to replace him or her - or make other plans - in the event of the employee's death.
The Single Life
If you're single you may not think you need life insurance. But other people may still depend on you, such as aging parents or other family members. You may want to be sure there are funds available to pay for your final expenses. You might also have significant debt you don't want to pass on in the event of your premature death. Life insurance can also allow you to name your favorite charity or another organization as your beneficiary, providing a way for you to leave a legacy in a way that personally matters to you.
Life After The Kids Have Moved Out
If your kids are grown and your mortgage is paid off, you may think your need for life insurance has passed. But think about it: If you died today, your partner could outlive you by 10, 20 or 30 years. Here's something to consider: According to U.S. Census Bureau projections, the average life expectancy in 2015 will be 81.4 years for a woman and 76.4 years for a man.1 The life expectancy in 1958 was 68 years for both genders.
Is your current financial plan adequate? Or would the person you love be left wondering how to manage financially after you're gone? Certain life insurance policies can also be tailored so that you have cash values to access if you want to supplement your retirement.
Planning For Retirement
Part of planning for retirement is ensuring that you will be able to lead the life you choose after your regular paychecks stop. And that means making sure you have a nest egg that is safe and secure, and there when you need it.
As you construct your retirement plans, you may want to consider adding an annuity to your blueprint. Annuities are meant to protect you from outliving your income. By purchasing an annuity, you guarantee that you will have a stream of income from that annuity for your retirement years. Offering safety, security and guarantees, an annuity can serve as a reliable supplement to your retirement income without the risk of market fluctuations.
Supporting Aging Parents
Your kids may be out of the nest, but now your parents depend on you for weekly or daily assistance. You're not alone. According to research, 34 million adults (16 percent of the population) provide care to adults who are 50 and over.1
In addition to providing care to your parents, you may eventually have them living in your home when they can no longer live on their own. Most likely this will be a big transition for everyone involved that will require communication and planning. As part of that planning process, you may want to discuss life insurance. It can provide funds your parents may need for quality health care or even a place to live should something happen to you.
Estate And Legacy Planning
You've worked hard over your lifetime to achieve financial security, and now your focus is leaving the most you can to the people you care about. Whether you want to leave money to a grandchild for a college education or give a gift to a charity, you want to do the most you can with the money you plan to pass along.
Certain types of insurance, like single payment whole life, are ideal for wealth transfer because your single payment increases in value as soon as you purchase the policy, resulting in a death benefit that's larger than the original payment. If you're in your 50s, for example, it could be more than double. And, because it's life insurance, the death benefit is transferred income tax free to your named beneficiary.
© 2014 Liberty Life Assurance Company of Boston | an Equal Opportunity Employer
Home office: Boston, Mass. Service center: Dover, N.H.
Home office: Boston, Mass. Service center: Dover, N.H.
Lewis Insurance
2525 S. Lamar Ste 11
Austin, TX
78704
2525 S. Lamar Ste 11
Austin, TX
78704
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