How to Acquire the Proper Life Insurance for a Family

HCR Wealth Advisors is good at advising clients to help with financial services, management, consulting, business services, and insurance services. They are committed to giving their client the proper guidance with many of their financial needs. They are looking to help clients reach their financial goals by advising them with their educational knowledge in order to help clients gain financial freedom.

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HCR Wealth Advisors feels as though planning a family’s future goes beyond investing to meet  goals. There has to be the right amount of financial structure to insure the right amount of life insurance to help a family at the time of need. Life insurance is to help decrease the financial impact in case of a person’s passing. Life insurance can pay off death expenses, help family to live comfortably in their current lifestyle and also replace their loss of income. Another thing that can be paid for being educational expenses which can help family members to finish college and start in a successful career.

In the case of a person’s death, life insurance, which is tax free money will be given directly to beneficiaries. This money is not paid back as a loan and does not have any taxes involved. There may be an estate tax paid from life insurance depending on the size.

There are two types of life insurances and they both have benefits to them. Term life insurance lasts for ten to twenty years and covers premature death. Term life insurance is more affordable and more commonly used over a permanent policy. Permanent life insurance is prepared until you die and are often joined by an investment.

HCR Wealth Advisors feels one should acquire life insurance if there are dependents that are relying on income to survive. They feel that a person should be prepared for the unexpected in order to help dependents to live independently. If an employer offers life insurance, then you are able to get insurance through them or an adviser such as HCR Wealth Advisors. Lastly, consider updating previously purchased insurance as needed to add grandchildren, or have gotten married there is always time to change life insurance requirements.

This article is provided for informational purposes only and should not be interpreted as investment advice. HCR Wealth Advisors is not affiliated with this website.