Life Insurance

When building a comprehensive financial plan, life insurance can serve several purposes for families and individuals. Life insurance can be used to create an estate for the people you love. With life insurance you are able to adequately provide for those you care about if, through untimely death, you are not able to do so yourself. We often think of young families when imagining this scenario. At any age, however, we can worry about those we love who would survive us.

Another role for life insurance is creating the capital required to settle an estate in an efficient, asset-preserving manner. Insurance policies can provide the necessary cash to pay estate taxes, balance family inheritances, or pass on a family-held business intact.

Finally, life insurance can be used as a vehicle for asset accumulation. Insurance policies used for this purpose are not typical “ordinary life” policies. These policies are designed so that you pay a large premium for a nominal death benefit, with the key focus of the policy being tax-deferred asset accumulation and a tax-free death benefit. This type of asset accumulation does not fit everyone's scenario but, on occasion, its use makes good sense.

Clients often ask, “Which type of life insurance coverage is best for my family?” There is not a single answer to this question that meets the needs of everyone. We strongly believe adequate coverage is the most important goal, and this goal does meet the needs of every individual.

Ingenuity Financial Services will help you understand the various types of life insurance coverage available and work with you to implement the type of protection that is right for you and your family. We have more than 30 years of experience in the insurance field. Our expertise, coupled with an understanding of what's important to you, will create a plan the suits your values.