Life Insurance & Annuities

Life insurance can mean the difference between leaving your family with enough money to continue living in the same home, driving the same cars, living in the style and at the level to which they've become accustomed, or having to to fight for survival due to your sudden death.

There have been many horror stories about sudden and unexpected deaths carrying with them unplanned financial distress, all because of inadequate life insurance or none at all.

Many a widow and her children have been put out of the family mansion after dear old Dad dies without proper life insurance coverage, and assets are insufficient to maintain their customary life style. It doesn't have to happen if proper estate and insurance planning is done and periodically reviewed and updated.

Life insurance typically pays a lump sum of cash to the family or other designated beneficiary of the policy upon the death of the insured person. Corporations often buy life insurance to cover their lives of their key executives.

The amount of life insurance to carry is something you need to discuss with your insurance agent and financial planner. You'll want to consider your entire financial picture -- assets and liabilities -- and figure on making sure there is enough cash to pay debts and death expenses (funeral, burial, etc.) . Perhaps you'll want your policy to provide enough money to pay off the mortgage, and you'll want to be sure there is enough money left to minimize the impact of your death on your family.

Annuities are similar to life insurance in that they can be set up to pay periodic benefits beginning at a specified time, which can include death. Pensions, retirement plans, lottery winnings and some structured settlements are paid as annuities.

Annuities are issued by insurance companies and regulated as insurance. They are an excellent complement to life insurance and can provide the extra income necessary when the primary wage earner dies or is disabled.

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