Life and Disability Insurance

Most of us don’t like to think about buying life insurance.  But in a sense, it’s the only type of insurance that you’re guaranteed to utilize.  At Downing-Childs, we consider life insurance to be the cornerstone of sound retirement planning.

There are five main reasons to purchase this type of insurance:

Income Replacement
If you have dependents, you need to consider what would happen to them if they no longer had your income to rely upon.  In addition, some types of policies act as savings vehicles which you could call upon in retirement.

Elimination of Outstanding Debts
Consider life insurance so that your loved ones have the money ot offset burial costs, credit card debts, and medical expenses not covered by health insurance.  Life insurance can be used to pay off the mortgage, supplement retirement savings, and help pay college tuition.

Estate Planning
The proceeds of a life insurance policy can be structured to pay estate taxes so that you heirs will not have to liquidate other assets.

Charitable Contributions
If you have a favorite charity, you can designate all or some of the proceeds from a life insurance policy to go to this organization.  From a tax perspective, the entire amount of the funds received by the charity is generally credited against the value of your estate, benefiting your heirs.

Long-Term Care
In 1991, the New England Journal of Medicine reported that one out of every three adults will need to spend some time in a long-term care facility. In addition, a Florida State University study estmates that a 42-year old American is 3.5 times more likely to need disability insurance than life insurance prior to age 65.

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FAQ Do I need more life insurance?

Note: For permanent life insurance products, loans and withdrawals will reduce cash values and net death benefits. Single premium policies and other policies with large premium deposits may be deemed modified endowment contracts (MECS). Loans and withdrawals from MECs may be taxable as income to the policy owner. Amounts used for the loans do not participate in the sub-accounts for the duration of the loan.