Life Insurance/Annuities

Life Insurance is a unique asset that is a valuable addition to your overall financial estate. Unlike health and disability insurance, life insurance can also be an investment for your future or the future of your family.

Who needs life insurance? A good rule of thumb is that if you are young, single and have no one else depending on your income, then you probably don’t need life insurance. Unless you want to pass on an inheritance to your parents, or loved ones; or if you have substantial debt that would pass on to someone else, life insurance is probably not necessary.

If you are married without children and both of you are working, then you probably need only a limited amount of insurance to cover expenses associated with an untimely death. Life insurance will help with expenses such as your mortgage, final funeral expenses, and outstanding debts.

But if you have family members who depend on your income, life insurance should be a very important part of your financial future. In the event of your death, a life insurance policy will help your spouse keep the family home, pay monthly bills, replace the income you would have received or even help your children go to college.

Whole life insurance policies are also an asset that you continually invest in. Not only do they provide a benefit upon your death, but often you could borrow against their value without being taxed.

If you purchase whole life insurance at a young age, the insurance company cannot cancel your policy for future health problems. As long as you pay your premiums, the company is locked in for the duration of the policy. Premiums for whole life policies are cheaper for younger people and as you age, the cost to purchase a new or larger policy goes up.

An alternative to whole life is term life insurance. Term Life Insurance promises protection for a determined length of time with a cash payout only if the time of death is within the term. There is no investment component with term insurance.

Purchasing the right amount of life insurance and the right type can be complicated. Call Stammen Insurance and we’ll take a look at your lifestyle, family’s needs and analyze your current financial situation. We’ll also discuss your goals for the future and find a policy that’s right for your needs and budget. You can trust Stammen Insurance to help you find a policy that will provide for your family in their time of greatest need.

If you would like an additional item to help you prepare for retirement and protect your assets, we recommend asking your agent about one of our Fixed Annuity Products.


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