The Importance of Life Insurance.

Whether we’re experiencing a strong economy or in a tough recession like today, the need for life insurance is always paramount. The primary purpose of obtaining life insurance coverage is to provide survivor income to loved ones should death occur.


Let’s consider some of the many reasons that people purchase life insurance protection:

• Cover final expenses – funeral, burial costs, etc.

• Mortgage protection – funds to pay off or continue mortgage payments.

• College education – cash value access to whole life plans.

• Retirement income - tax-free, zero risks, and lifetime income.

• Survivor income – debt, ongoing monthly expenses, etc.

• Business protection.

One could argue that life insurance is even more critical in a down economy like we find ourselves facing today. With the unemployment rate rising and more and more people losing their jobs, it becomes even more important to have life insurance coverage to provide the means for surviving family members to carry on should a family provider pass on unexpectedly.


Unfortunately, many working individuals have life insurance only through their employer which is often not portable. As a result, many laid-off workers find themselves without any life insurance protection at all. Now more than ever, people are taking control of their own life insurance needs rather than counting on employer benefits. Whether they choose permanent, term or some combination of the two, they own and control their life insurance. It can’t be taken away from them unless they fail to pay the premium.


The security of life insurance during a down economy


With millions of people facing declining 401k account balances, it’s comforting to know that those with life insurance coverage have the following benefits:

• Guaranteed minimum death benefit stated in the policy.

• Guaranteed increasing cash values with whole life protection.

• Cash Values may be accessed as needed for emergencies, educational expenses, etc.*

• Life policy premiums are contractually guaranteed so there are no surprises.


Whether the need is temporary or permanent, and term insurance or permanent is the choice, the need for life insurance protection is certain.


*Living benefit of whole life contract; cash value withdrawals will reduce the death benefit accordingly.

Granville Waiters Consulting Services

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