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What should you be covering with Life Insurance?

Life insurance pays a "face amount" to the beneficiary of the policy upon the death of the insured person. The purpose of life insurance is to fund the needs of anyone who would suffer from the loss of your income resulting from your death. Life insurance is used to satisfy both business and personal needs.

Business Needs

  • Collateral for business loans

  • Funding for buy/sell agreements

  • Funding lost profits while seeking a replacement for a key executive

  • Providing benefits to key employees and general employees

Personal Needs

  • Funds to raise and educate children

  • Funds to cover funeral expenses and unpaid medical bills

  • Buffer to allow survivor time to adjust

  • Funds to pay estate taxes and allow retention of certain non-liquid assets or a family owned business

  • Funds to care for a disabled child or elderly parent

  • Funds to provide for a charitable bequest

  • Funds to liquidate a significant debt

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