Life Insurance
Life Insurance Can Help Provide for Loved Ones After Your Death
Providing for loved ones after your death is one of the most important reasons to include life insurance in your current financial strategies. In fact, your death can dramatically affect the financial security of your loved ones, and if they don't have adequate resources, the financial consequences to them can be devastating.Those who purchase life insurance do so for a variety of reasons, which may differ from yours. For example, they may buy life insurance policies to:
- Cover the expenses of the funeral
- Pay any costs associated with your estate settlement as well as any taxes owed on your assets
- Cover mortgage or rent and other debts
- Pay for emergency expenses for your family
- Pay for any education and/or child-care costs
- Provide regular income for your family
Before you buy a life insurance policy, it's important to analyze your situation and your family's financial needs. It'll help you determine how much life insurance coverage you may need to buy.
When to consider buying life insurance
Deciding how much life insurance coverage you need
Regularly reviewing your life insurance needs
Purchasing life insurance through Wachovia Securities
When to Consider Buying Life Insurance
Your need for life insurance coverage depends on the circumstance of your life. Life insurance may be a good choice for you if:
- You have a spouse and/or family that is dependent on your income
- You expect your estate to incur income, capital gains or estate taxes that your beneficiaries will owe when you die
- You want to provide additional income or a safety net for your heirs
Deciding How Much Life Insurance Coverage You Need
Determining how much life insurance coverage you need requires comparing your family members' current income with their estimated income needs in the event of your death. But you also need to factor in other assets that can be invested to create income (such as group life insurance, retirement savings, and other investments or savings) and consider any income or capital gains taxes that could reduce the actual amount your family would receive.Your Financial Advisor can help you calculate the value of your investable assets, estimate future investment income for your family and use these projections to help you determine your current life insurance needs.
Regularly Reviewing Your Life Insurance Needs
Because your family's circumstances change throughout your life, it's important to review your goals and needs frequently to make sure you have enough life insurance coverage to meet your family's needs. Ask your Financial Advisor about our free life insurance review.Purchasing Life Insurance Coverage Through Wachovia Securities
A Wachovia Securities Financial Advisor can offer you many different types of life insurance, including:
- Term life insurance
- Whole life insurance
- Universal life insurance
- Variable life insurance
- Survivorship life insurance
- Single-premium variable life insurance
Wachovia Securities also has access to a wide array of life insurance companies, so a Financial Advisor can help you find and purchase a life insurance policy that makes sense for your particular situation. Contact a Financial Advisor to learn more about whether life insurance is right for you and for help in determining which type of policy and how much coverage you may need.