Life insurance can offer benefits and coverage for situations you may not have considered
Supplemental Retirement Income:
Certain types of permanent life insurance, such as whole life, universal, and variable life insurance policies, can provide supplemental income during retirement. If this is of interest to you, it's worth discussing with an insurance agent before making a purchase.
Long-Term Care Coverage:
Life insurance policies with a long-term care rider can help cover caregiving costs for aging parents or yourself. This coverage can defray expenses for assisted living, at-home care, or a nursing facility.
Student Loan Repayment:
If you have private student loans and your parents are cosigners, these loans become part of your estate debt. Having a life insurance policy can ensure that these loans are paid off, relieving your parents of this financial burden.
Business Protection:
For business owners, key person and personal life insurance are important for protecting the family and ensuring a smooth succession plan. Additionally, if you lack access to employee benefits like retirement accounts or disability insurance, other types of insurance become beneficial.
Coverage for High-Risk Activities and Jobs:
Extreme hobbyists and individuals with high-risk jobs, such as scuba divers, rock climbers, firefighters, or NASCAR drivers, should consider specialized life insurance coverage. These policies can provide additional coverage beyond traditional life insurance.
Life insurance is not just about protecting your loved ones after you're gone; it can also provide financial security and support throughout various stages of life. If any of these scenarios resonate with you, contact Advanced Wealth Strategies at our office by calling (704)765-3653.