SUBSCRIBE
Enter your Name and Email address to get
the newsletter delivered to your inbox.
Please include name of person that directed you to my online newsletter so I can thank them personally.
2810 Fieldstream Drive North
Wilson, NC 27896
Phone: 252-237-4357
Fax: 252-243-2681
March/April 2023
Life Insurance and the Single Life
If you're a single parent or just single, you might not have given a lot of thought to life insurance.* But there are some very good reasons why you should. Life insurance benefits can provide for loved ones, pay off debts, or finance a child's education if something were to happen to you.
The Single Parent
As a single parent, you may be the sole provider for your child. But if you weren’t around, where would the money come from to provide for your child until adulthood? Life insurance offers a safety net that can help pay for a child’s everyday expenses, college tuition and future care should the unthinkable happen. In addition, life insurance benefits can cover your end-of-life expenses.
Single, No Children
A single person with no children may still have a need for life insurance. Policy proceeds can cover funeral costs, pay off debt, provide support to a parent or disabled sibling, or fund a legacy.How Much Do You Need?
The answer varies with every individual’s situation. Generally, your policy’s death benefit should be 10-15 times your annual income — more if there are multiple beneficiaries.When the Beneficiary Is a Minor
A minor cannot receive life insurance proceeds, so you’ll want to set up a trust as the beneficiary of your policy. When you establish the trust, you’ll specify how the funds will be distributed and name a trustee to oversee the distribution. Because money in a trust can sometimes lower a child’s eligibility for financial aid, work with a financial professional to come up with a plan for your child’s future.Your financial professional can help you determine the type and size of policy that is best for your needs.
*Applications for life insurance are subject to underwriting. No insurance coverage exists unless a policy is issued and the required premium to put it in force is paid. Accessing cash values may result in surrender fees and charges and may require additional premium payments to maintain coverage and will reduce the death benefit and policy values. Guarantees are based on the claims paying ability of the issuer.
CONTACT US
Enter your Name, Email Address and a short message. We'll respond to you as soon as possible.
Active Planning & Investment Solutions and LTM Client Marketing are unrelated companies. This newsletter was created by LTM Client Marketing and was not written or created by the named financial professional and does not necessarily represent the views and opinions of Avantax Wealth Management® or its subsidiaries.
Avantax affiliated advisors may only conduct business with residents of the states for which they are properly licensed and registered. Securities offered through Avantax Investment Services℠, Member FINRA, SIPC, Investment advisory services offered through Avantax Advisory Services℠, Insurance services offered through an Avantax affiliated insurance agency. Not all products and services are offered by all financial professionals. Products and services listed may only be offered by properly licensed individuals. Active Planning & Investment Solutions and Avantax are not affiliated.
The information and opinions contained in this web site are obtained from sources believed to be reliable, but their accuracy cannot be guaranteed. The publishers assume no responsibility for errors and omissions or for any damages resulting from the use of the published information. This web site is published with the understanding that it does not render legal, accounting, financial, or other professional advice. Whole or partial reproduction of this web site is forbidden without the written permission of the publisher.