Schmitz Insurance Agency
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Questions? Email us at info@schmitzagency.com |
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Main/Life Insurance |
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Life Insurance |
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Click here to request a Life Insurance Quote! |
Generally speaking, you need life insurance if you fall into one of
three categories: If you have significant debt, if you have
dependents, or if you have other significant or ongoing
expenses/costs. Most people fall into one or more of these general
categories.
IF YOU HAVE DEBT
When you think of debt, you usually think of a mortgage. Most
people don't have the resources readily available to pay off a
mortgage, out-of-pocket, if the primary income ceases. However,
there are other debts you should consider in your planning, such as
credit cards, home equity loans, vehicle loans and even taxes. If
you have a substantial estate, life insurance may be used to pay the
taxes that might otherwise require heirs to sell assets to cover.
Whether it's a mortgage, other large debt or to pay high estate
taxes, life insurance can be the perfect tool to protect your heirs
and your assets.
IF YOU HAVE DEPENDENTS
Most people have someone important in their life, whether it's a
spouse, child, parent, relative or lifelong friend. Anyone who
relies on you for income or financial support is considered a
dependent and should be included in any of your financial planning.
Will your children be able to continue their education if your
support is no longer available? Will your spouse have time to make
informed financial decisions after your death or will he/she be
forced to sell assets at greatly reduced values to survive?
Are you helping your parents or in-laws financially to maintain
their lifestyle, supplement their health-care costs, or pay for
their long-term care needs? What will they do if your death causes
this help to cease? These are questions that need to be considered
when discussing life insurance needs.
IF YOU HAVE SIGNIFICANT EXPENSES/COSTS
Are you active in a business either as an operator or investor? Is
this venture self-sufficient or does it require occasional infusions
of capital from you to keep it operating? What would happen if you
were no longer available to provide this vital financial assistance?
If the business is a significant portion of the assets you want to
leave to your heirs, could your business partners or employees have
available the ready cash to transfer to your heirs without
disrupting or jeopardizing the viability of the business?
Without life insurance to pay immediate and ongoing operating
expenses, your personal representative may have to sell the business
at a reduced value to pay such pressing costs as bank notes, taxes
or stock redemption. A very high percentage of small or family-owned
businesses do not survive the second or third generation because of
financial instability caused by unexpected deaths of principals.
That does not have to happen to your business. All that you've
worked for does not have to be lost due to a shortage of cash that
life insurance could provide.
Perhaps you have a favorite institution, organization or charity
you regularlysupport financially or would like to endow in the
future. Life insurance is a very cost-effective method to continue
this vital financial support.
Call us today to discuss about the right life insurance option for you!
Click here to apply for a quote
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