Newman Crane & Associates Insurance Individual Life Insurance to Protect Your Loved Ones
Life insurance is one of those steps we take to provide for our loved ones. It provides a death benefit to your beneficiaries upon your passing, but also offers certain benefits while you’re alive. Newman Crane & Associates is here to help you assess your needs and make a decision of which Life insurance policy best serves your specific needs.
Benefits in the Event of Your Death:
- Life insurance will pay your final expenses, debts, estate taxes, and any other financial responsibilities you may leave behind, without incurring a tax load for your beneficiaries.
- Key Life insurance can be used by business partners to buy out the interests of the deceased partner and help ensure the continuity of your business.
Benefits While You Are Living:
- If your policy grows in cash value over time, any tax on that increase is deferred unless you withdraw the money before maturity.
- Assuming your policy is Permanent Life as opposed to Term Life, it can become a good source of funds for a down payment on a home or your child’s college tuition (with possible tax issues, as mentioned above).
How Much Life Insurance Do You Need?
Since we all have different obligations and different financial situations, the amount of Life insurance you need may vary according to your personal circumstances. If you have a spouse and/or dependent children, you need at least a basic Life insurance plan. You may elect a higher level of coverage in the event you support aging or disabled parents or other close relatives, are looking to fund your retirement needs or those of a spouse, will be executing certain aspects of a large estate, or are protecting the ongoing sustainability of a business you share with a partner.
Life Insurance Plans We Offer
At Newman Crane, we can match your needs to the specific type of insurance plan that suits you best. We offer a variety of plans, including: Term Life Insurance, Whole Life Insurance, and Universal Life Insurance. We will be happy to go over the specifics of each these plans, how they work, and the benefits offered.