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Life Insurance

Navigating the World of Life Insurance - Allen & Company of FloridaLife insurance can be easy to overlook, and isn’t something many people think about every day! But, it is a very important component to wealth preservation and financial planning; it ensures that your loved ones are provided for when you pass away.

Life insurance checklist

To determine whether or not you need life insurance, ask yourself who will be impacted financially when you pass away. Would your loved ones and dependents have enough resources to take care of your final expenses and replace your income? Could they afford to pay someone to provide all of the services you take care of with running a household or raising a family?

If you can answer yes to any of the questions below, you should speak with a financial advisor about life insurance:

  • Are you married?
  • Do you have dependent family members, such as children or aged parents?
  • Do you provide for someone with a disability?
  • Do you own a business?
  • Do you have a large estate?
  • Do you have significant financial obligations such as a mortgage or other loans?

Other common reasons to have a life insurance policy include:

  • Creates a tax-efficient wealth transfer strategy.
  • Paying off debts.
  • Providing continuing income for loved ones.

The life insurance market is complex. We can help.

Today’s insurance market is complicated, and offers an array of different insurance policies: term life, whole life, universal life, variable life, and universal variable life. Each different policy has its own pros and cons, and different premium rates.

Your Allen & Company financial advisor can help you determine which is the best policy for you. In addition, we’ll help you navigate the confusing world of life insurance quotes to help you get the most competitive premium rates. Your advisor can also help you to determine the needs of your beneficiaries, to better evaluate the amount of coverage you will need, as part of your overall financial plan.

Reviewing your life insurance plans

We recommend re-evaluating your life insurance periodically, at least once every three to five years. Changes in your personal situation and lifestyle such as marriage, divorce, the birth or adoption of a child, or purchasing a new home can impact how much coverage and the types of plans you need. Your age and changes in your health can also indicate a need to re-evaluate your insurance. Your Allen & Company financial advisor – from our Lakeland, Winter Haven, or our Space Coast offices — will work with you over time to ensure your loved ones are taken care of.

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