Life Insurance and Your Family
This is a thrilling topic except when you need because a tragedy befalls your family. When that occurs, you are forever grateful or saddened by your planning. Dying ‘too soon’ is the concern of planner sna d the purpose of life insurance is to fill the gaps you want to fill.Purpose- The purpose of life insurance is to protect the way of life for the people who depend on you, relatives you support financially or emotionally who lives will be altered when you pass. Life insurance can be used to leave a legacy and to pay expenses left behind.How much for these situations? If you provide care for parents of other relatives, add up approximately how many years you’d want that funding to continue if something happened now. College for the kids if something happened to you? Mortgage and expenses. Your partner will miss a lot of work if something happens to you. The family is not going to all go to school and work on Monday as if everything is fine. It could take a while a year or two for things to get back to normal. Will your partner work less hours to fill in for the parenting no longer shared? Who will go to all the soccer games and school plays? How much full-time work will get done with single parenting and emotional loss in the lives of these wonderful folks? Will you send the kids to the least expensive childcare provider you can find? Types – Permanent insurance , which includes whole life and variable insurance, and term insurance. Term has a steady premium but is usually less than permanent insurance and covers a specific period in your life, such as 20-years or 30 years. It is often used to of kids being smaller and the possible higher expenses of college and child care. It tends to be significantly cheaper than permanent insurance. But permanent insurance is with you – so long as you pay premiums, all of your life. When the term is done when using term insurance, so is your coverage. Nationwide’s 4 reasons:Marion R. Syversen, MBA – PresidentNorumbegaFinancial207.862.2952Marion@NorumbegaFinancial.com Check out our website that includes weekly streaming videosWWW.NorumbegaFinancial.com Voted Bangor’s Best Financial Planning Firm 2008, 2009 & 2010 by Market Surveys of AmericaIn compliance with requirements from FINRA, all e-mail sent via the WSFG domain will be subject to review and archiving by Wall Street Financial Group, Inc. Email management, archiving & monitoring technology powered by Smarsh, Inc. Disclosure:Only securities and advisory services offered through Wall Street Financial Group, Inc. Registered Investment Advisor. Member FINRA/SIPC. Wall Street Financial Group, Inc. and Norumbega Financial are separate entities, independently owned and operated. Non-variable insurance is not offered through Wall Street Financial Group, Inc.