Protect What Matters Most

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Why you might need life insurance

Life insurance provides a financial safety net for your loved ones in the event of your death. It helps your family maintain their standard of living when you're gone. You might need life insurance if you'd like to take care of the below options:


Covering Final Expenses: Life insurance can cover funeral and burial expenses, which can be substantial and unexpected costs for your family to bear during a difficult time.


Paying Off Debts: If you have outstanding debts such as a mortgage, car loans, or credit card balances, life insurance can help ensure that these debts are paid off, preventing them from becoming a burden to your family.


Supporting Dependents: If you have dependents such as children, elderly parents, or a spouse who relies on your income, life insurance can provide ongoing financial support to help them meet their needs and achieve their goals.


Estate Planning: Life insurance can play a crucial role in estate planning by providing liquidity to cover estate taxes, allowing your heirs to inherit your assets without having to sell them to pay taxes.


Peace of Mind: Knowing that you have adequate life insurance coverage in place can provide peace of mind, allowing you to focus on living your life without worrying about the financial well-being of your loved ones in the event of your untimely death.


Affordability: Life insurance can be surprisingly affordable, especially if you purchase coverage when you're young and healthy. The cost of coverage typically depends on factors such as your age, health, lifestyle, and the amount of coverage you need.


Supplementing Retirement Income: Some types of life insurance, such as permanent life insurance policies with a cash value component, can serve as a tax-advantaged savings vehicle that you can tap into during retirement to supplement your income or cover unexpected expenses.


Charitable Giving: Life insurance can be used as a tool for charitable giving by naming a charity as the beneficiary of your policy, allowing you to support causes that are important to you even after you're gone.

Insurance to protect your income

Disability Insurance:  Provides income replacement if you become disabled and are unable to work due to illness or injury. 

Critical Illness Insurance: Pays a lump sum benefit if you are diagnosed with a covered critical illness such as cancer, heart attack, stroke, or organ failure. This lump sum payment can help cover medical expenses, lost income, and other financial needs during your recovery.

Mortgage Protection Insurance: Pays off your mortgage balance in the event of your death or disability, ensuring that your family can remain in their home without the burden of mortgage payments.

Meet Sarah: a 35-year-old graphic designer who runs her own freelance business. She's the sole provider for her family, which includes her spouse and two young children. Sarah's income is crucial for covering their mortgage, household expenses, childcare costs, and savings for her children's education.

One day, while driving to a client meeting, Sarah is involved in a serious car accident that leaves her with a severe back injury. As a result, she undergoes surgery and requires several months of physical therapy and rehabilitation. Unfortunately, Sarah's injuries prevent her from working as a graphic designer for an extended period.

Without disability insurance:
1. **Loss of Income**: Since Sarah is unable to work, her freelance income dries up, leaving her family without a steady source of income.
2. **Depletion of Savings**: Sarah and her family are forced to dip into their savings to cover living expenses and medical bills, depleting their emergency fund and future financial security.
3. **Risks to Future Goals**: Without a steady income, Sarah's family faces challenges in achieving their future goals, such as saving for retirement and funding their children's education.

With disability insurance:
1. **Income Replacement**: Sarah's disability insurance policy provides her with a monthly benefit, replacing a portion of her lost income while she's unable to work due to her disability.
2. **Financial Stability**: The disability insurance benefit helps Sarah's family maintain their standard of living by covering their mortgage, bills, and other essential expenses during her recovery.
3. **Protection of Savings**: By relying on disability insurance, Sarah's family can avoid depleting their savings and emergency fund, preserving their financial stability and future security.
4. **Peace of Mind**: Knowing that she has disability insurance coverage gives Sarah peace of mind, allowing her to focus on her recovery and rehabilitation without worrying about the financial impact on her family.

example of income protection
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