Issue link: https://www.epageflip.net/i/1382387
Life insurance protects your loved ones and is an important part of any financial plan. e amount of coverage you need can change when your life changes. A wedding, the birth or adoption of a child, starting a business, or taking on a large amount of debt are good reasons to review and possibly update your life insurance policy – or purchase one if you haven't yet. What does life insurance do? • Provides income for dependents, including a spouse and/or children • Pays for funeral expenses • Provides an inheritance to loved ones • Pays estate taxes • Donates to a charity • Pays off debts • Provides finances for the survival or dismantling of a business What type of policy should I have? Term life insurance is a pay-as-you- go plan, and your coverage stops once you stop paying or reach the end of the term. Term insurance can be less expensive than permanent, which lasts a lifetime. However, when your term policy ends, purchasing another one will cost more because you'll be older. Parents of minor children sometimes choose a term policy because it's less expensive and their focus is providing income, in case of their early death, for their children. In this situation, only a term of 10 or 20 years may be needed, depending on the children's ages when the policy is purchased. Permanent or whole life insurance has a premium that remains the same, even though your risk of death increases with time. Some policies give you the option of building up cash value, which you can access as a potential source of income later in life. How much coverage do I need? Your coverage needs depend on your dependents, income, debt, and lifestyle. ink about how much money your beneficiaries will need to live on for a given amount of time, or what will be needed to pay off debts or settle business affairs. How do I get started? Now is the perfect time to review and update your insurance coverage. Call Redstone Insurance Services at 256-722-8301 or email us at info@redstoneinsurance.org for a complimentary consultation. 10 | r e d f c u.o r g R E D S T O N E I N S U R A N C E S E RV I C E S INSURANCE SERVICES SM Life Changes May Change Your Life Insurance Needs Redstone Services Group SM , LLC d/b/a Redstone Insurance Services, is a wholly owned subsidiary of Redstone Federal Credit Union® (RFCU®) but are separate entities. Redstone Services Group, LLC is a licensed insurance agency that sells insurance policies issued by third-party insurance companies. The insurance products are not products or obligations of RFCU, are not NCUA or federally insured and are not endorsed, warranted, recommended, or guaranteed by RFCU or any government agency. The insurance products may be offered by a dual employee who also sells insurance products on behalf of a third-party insurance company. RFCU and its affiliates are committed to fair, equitable and nondiscriminatory practices.