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Insurance For The Living.

Life insurance is an essential part of financial and estate planning for individuals and businesses. The cash provided by life insurance can replace the income should a family’s wage earner die so that their dependents are not burdened with significant debt. Life insurance is also used extensively in estate planning to help reduce the financial burden of estate taxes.

Businesses can benefit from life insurance on their key employees or owners. When a key person dies, the death benefit is paid out to the business to buy you time to seek out a replacement or business partner, pay company debt, or buy out the shares of the company from the deceased partner’s estate. A key person can be anyone directly associated with the business whose loss can cause a financial strain to the business.

There are basically two types of life insurance: term and permanent. Term life is purchased for a specified period of time, whether it’s 10 to 30 years. Permanent life insurance, usually universal life or whole life products, is a lifetime purchase.

Your Pathfinder LL&D adviser can evaluate your personal circumstances to determine which type of coverage is best for you and your family.