Life insurance is an essential part of financial planning. It can provide income replacement for families if a breadwinner dies, the means to pay estate settlement costs, the timely distribution of a family-owned business, the completion of families' dreams for college education, and a comfortable retirement for survivors. In many instances, life insurance provides a safe accumulation vehicle on a tax-advantaged basis for those who need coverage. Life insurance provides peace of mind.
How much life insurance clients need depends on a careful evaluation of their financial situation, goals, and lifestyle. The Survivor Needs module leads the producer through this process.
Survivor needs considers:
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Any immediate needs at the time of death such as final illness expenses, burial costs, and estate settlement taxes |
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Funds for a readjustment period for the family: to move or to support a job search |
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Ongoing expenses such as monthly bills, education costs, day care costs, and retirement |
