4994 Lower Roswell Road NE, Suite 4, Marietta, GA 30068

 

Phone: 770-971-9141

 

Email: ifp@incompassfp.com

March/April 2023

Life Insurance and the Single Life

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.


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.


CONTACT US

Enter your Name, Email Address and a short message. We'll respond to you as soon as possible.

Securities offered through Triad Advisors, LLC., Member FINRA/SIPC. Advisory Services offered through Incompass Financial Partners, LLC. Incompass Financial Partners, LLC. is not affiliated with Triad Advisors, LLC.
Incompass Financial Partners, LLC and LTM Marketing Specialists LLC are unrelated companies. This publication was prepared for the publication’s provider by LTM Client Marketing, an unrelated third party. Articles are not written or produced by the named representative.

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.