INTRODUCTION
Welcome to Cortburg Speaks Retirement
An audio podcast about investing in the stock market, financial planning, money management and retirement planning. Each Wednesday, we help investors at all stages of life learn how to potentially grow and preserve their money from first job through retirement.
Now here is your host, Miguel Gonzalez.
HOST
Good morning and welcome to the CORTBURG SPEAKS RETIREMENT audio podcast.
Life Insurance: Do You Have Enough?
June 28th is National Insurance Awareness Day which prompts the question of whether you are adequately covered. Right now is a great time to assess your insurance coverage and evaluate your risk of being underinsured.
The importance of having life insurance coverage
The idea of having life insurance coverage can feel daunting. Still, the meaning of it is simple: life insurance protects your family from financial hardship if you were to pass away unexpectedly. Life insurance will help your family provide for lost income, help cover bills, and debts left behind, cover funeral expenses, and help pay for other financial obligations. If you have a spouse or dependents, life insurance is one way to protect the people you love.
Ways to evaluate your coverage needs
· If you have someone that depends on you to support them financially
· Whether you have dependents
· If you have debt
· You lack financial resources to cover expenses related to death—your funeral, estate expenses, attorney fees, etc.
If you answered yes to any of the above scenarios, life insurance might be an option for you to consider. Purchasing a life insurance policy for the correct death benefit amount to cover all of your financial obligations is essential. Here are two options for you to consider:
Universal Life Insurance
Universal life insurance provides a guaranteed death benefit while accumulating cash value. It can and provide flexibility in premium payments, but most people choose monthly or quarterly payments. Often, Universal life insurance is called whole life or permanent insurance. This type of insurance has two parts; the savings or investment portion and the insurance portion. Universal life is used for death coverage and provides for retirement assets if used as part of retirement planning.
Indexed Universal Life (IUL) Another type of life insurance for you to consider is an IUL insurance policy. IUL insurance provides a death benefit with a separate cash value account that increases in value over time. The performance of the IUL policy mimics an equity index, such as the S&P 500. The IUL insurance policy increases when the market performs and does not lose value when underperforming. For this reason, an IUL policy has the possibility of a higher cash value accumulation than a universal life (UL) insurance policy.
Contact your financial professional to get started.
Your financial professional can help you understand which type of life insurance is appropriate to your situation and get you started reviewing your current coverage or applying for new coverage. Once you determine whether life insurance is necessary and which type of life insurance coverage is appropriate,
it’s essential to make sure you have enough coverage. Reach out to your financial professional today to get started.
Make sure to visit our website, www.CortburgRetirement.com. Our site is filled with educational videos, eBooks, publications, and financial calculators designed to help you learn more about your finances. As you search our site, send us a note regarding any questions you may have about any particular investment concepts or products. We will get back to you quickly with a thoughtful answer.
This is Miguel Gonzalez, Retirement Specialist and Managing Partner, with Cortburg Retirement Advisors signing off for this week’s educational podcast.
DISCLOSURES
Opinions expressed are subject to change without notice and are not intended as investment advice or a solicitation for the purchase or sale of any security. Please consult your financial professional before making any investment decision.
All performance referenced is historical and is no guarantee of future results. All indices are unmanaged and may not be invested into directly.
This information is not intended to be a substitute for specific individualized tax advice. We suggest that you discuss your specific tax issues with a qualified tax advisor.
CRC conferred by The International Foundation for Retirement Education.
Securities offered through LPL Financial. Member FINRA/SIPC. Investment advice offered through Private Advisor Group, LLC, a registered investment advisor.
Private Advisor Group, LLC and Cortburg Retirement Advisors, Inc. are separate entities from LPL Financial.
Investing involves risk including possible loss of principal.
This material contains only general descriptions and is not a solicitation to sell any insurance product or security, nor is it intended as any financial or tax advice. For information about specific insurance needs or situations, contact your insurance agent. This article is intended to assist in educating you about insurance generally and not to provide personal service. They may not take into account your personal characteristics such as budget, assets, risk tolerance, family situation or activities which may affect the type of insurance that would be right for you. In addition, state insurance laws and insurance underwriting rules may affect available coverage and its costs. Guarantees are based on the claims paying ability of the issuing company. If you need more information or would like personal advice you should consult an insurance professional. You may also visit your state’s insurance department for more information.
All information is believed to be from reliable sources; however LPL Financial makes no representation as to its completeness or accuracy.