According to a study by LIMRA and LIFE Foundation, 85 percent of consumers agree that most people need life insurance, yet only 62 percent have coverage. According to that same study, 50 percent of U.S. households — that’s 58 million — say they need more life insurance.
Your family may depend on your earnings to maintain a comfortable lifestyle. Your survivors could use life insurance policy benefits to help replace your income, repay outstanding debt and meet many other important financial needs, such as daily living costs, personal loan or mortgage payments and college savings.
While the primary reason for life insurance is to cover final expenses, such as funeral expenses and uninsured medical or hospital costs, life insurance would be beneficial in many other circumstances. For example, life insurance can be used to finance future education expenses for your children or grandchildren. It also can allow you to leave a tax-free, charitable donation to your favorite nonprofit organization. By establishing a life insurance policy with benefits going directly to the charity, your donation may be many times more than what you could afford on your own.
For small-business owners, life insurance can be used to fund a buy-sell agreement that could help ensure the business continues should the remaining owners need to buy out heirs of a deceased owner. Life insurance can also be used for key employees, payable to the company, to allow the owners some financial flexibility in hiring a replacement.
An independent agent in your area can help you examine options as you make decisions. Working with a local independent agent gives you several advantages:
- Your local agent will get to know you and your family and understand your insurance needs.
- Independent agents represent multiple insurance companies, allowing them to select the right coverage for your insurance needs. Not all insurance companies offer the same coverages or financial strength.
- Should you ever need additional coverage or assistance in making changes or filing claims, the agent will be there to help walk you through the process.
By examining your financial situation today, you can assure financial security for your family’s tomorrows.
Neither The Cincinnati Life Insurance Company nor its affiliates or representatives offer tax or legal advice. Consult with your tax adviser or attorney about your specific situation. For policy service and additional information, speak to an independent agent representing The Cincinnati Life Insurance Company. For a complete statement of the coverages and exclusions, please see the policy contract. All applicants are subject to underwriting approval. Products and riders available in most states.