Life insurance coverage is a fundamental part of any healthy financial plan. To ensure that your wishes will be carried out after your death, end-of-life planning is essential. But organizing your personal and financial affairs can be difficult if you don’t know where to start. NorthStar Financial Partners has in-depth experience in helping our clients find the type and amount of life insurance that works for them and their situation.
Reasons to consider life insurance include:
- Protecting your family in case of loss of your income. If you pass away, who will help provide for your family? Will they have enough to get by? The death benefit that life insurance would provide would get them by for a period of time—how long that period is determined by a number of factors.
- Leave a lasting legacy. Whether that be through an inheritance or a donation to a charity—what do you want to leave behind so people remember you after you have passed?
- Cover debt and burial costs. These are things you do not want to leave to your next of kin—the life insurance death benefit can help you remedy any debts that you have as well as leave behind enough to help with your funeral and burial expenses.
- Cover estate taxes. Many times in larger estates, taxes can be a burdensome consequence of a death in the family. Life insurance death benefit payments are not taxable as ordinary income and can help ease this burden by providing a source of money for the taxes owed.
- Having money to leave to your spouse, children, and family can give you a sense of calm—knowing that if something happens to you that they will be taken care of.
NorthStar Financial Partners works with a variety of different types of life insurance as well as many different life insurance carriers. Let us take the time to discuss your life insurance needs with you and see what the right solution is for you and your family.