Protecting your family and loved ones.
Family is the most important thing in life, and you'd do anything you can to protect your family. But what happens when you are no longer here to protect them?
Life Insurance is how you make sure your family stays protected after your gone so that they can still live out their dreams.
A life insurance policy not only covers death expenses and debts, but it can provide income to those who depend on you and more! At Link-Hellmuth, we provide a wealth of life insurance plans that can be customized to fit your situation.
For quality whole and term life insurance in Springfield, Ohio, that you (and your family) can rely on, Link-Hellmuth is here.
Reasons You Need Life Insurance
Paying Off Debt
When you pass away, your debt does not die along with you. It gets inherited by your family; spouse, children, ect. Mortgages, credit cards, student loans, car loans, home equity loans, any and all debt can be a tremendous burden left for your spouse or kids to handle. Life Insurance eliminates that burden so that your debt is not passed along to your loved ones.
Your family relies on your income. So what happens when you are gone and the income stops? If your lost income is not replaced by Life Insurance, then your children's future can be in jeopardy.
College tuition is effected the most by the loss of a parent's income. Life Insurance can insure that your children's dreams of going to college are not lost along with you.
The biggest initial expense for when someone dies is paying for their final expenses. The average cost for a funeral is between $7,000 and $10,000. This can be a sudden and shocking experience for the loved ones left behind to handle your assets. The loss of a loved one is a traumatic and stressful experience by itself.
The last thing you want a loved one to worry about is money in the time of mourning.
Are you an avid goer of a church, club, organization, non-profit? Do you want to see those organizations you care so deeply for flourish and prosper for when you are gone? Life Insurance is a way for you to insure that your passion for the organization is on going, even after you are gone. Through a Life Insurance policy, you can donate and endow any given amount of money to an organization of your choice.
Breaking Your Money Down
This money is used to pay current living expenses like food, clothing, medical bills, mortgages, school supplies, house bills, and more.
This is money that might be needed in the future like a second home, kid's tuition, travel, investments, etc.
This is money that is planned as a gift to a spouse, children, or a favorite charity.
Types of Life Insurance
Term Life Insurance
Term Insurance is initially the cheapest form of Life Insurance. Term Life Insurance is a guaranteed level term with your choice of death benefit until age 65.
Term Life Insurance in Springfield, Ohio is kind of like renting a life insurance policy: it's eventually going to run out unless you die within the term period, which then the death benefit would be paid out to your beneficiaries. Term Life Insurance can be paid on a monthly or yearly payment plan, and is the most straightforward type of Life Insurance.
Whole Life Insurance
Whole Life Insurance is a way for you to lock in a level premium for your lifetime, providing a guaranteed death benefit and cash value. With Whole Life, you build up a cash value along with always having your death benefit. This cash value is guaranteed and is always easily assessable to you if you are in a time of need while you are still alive. This cash value grows tax deferred. Whole Life Insurance is a great way to guarantee a death benefit to your family and have a growing investment in the cash value.
Transitional Life Insurance
Transitional Life Insurance is a hybrid life insurance policy of Term combined with Whole Life. It takes the best of both worlds, and puts it all together in one affordable policy for you. Term eventually runs out and is gone forever, even if you are still alive. It's great that you had a Term policy and were protecting your family in the event of your early death, but what if you don't die when that policy reaches the end of it's term? Whole Life is exactly what it says, its for your whole life. So Transitional Life Insurance is a guaranteed higher death benefit during the years you need it most, and once that term is up, it converts to a lower, guaranteed, paid-up insurance amount that will be there for the rest of your life. Transitional Life Insurance will also build up cash value, often times the cash value will be much higher than what you even paid for your premium all those years.
Single Premium Whole Life Insurance
Are you a grandparent, and have money set aside in a CD, or hidden in a coffee can somewhere in your house? Is this money that you plan to spend some day? Or is this money that you would like to pass on to someone special someday? If you answered yes to any of these questions, than we have a product that allows you to protect your money, avoid negative tax implications, and immediately increase the amount of money you can leave to your family. The solution is Single Premium Whole Life Insurance. Single Premium Insurance will also accumulate cash value. Since you are only making one single payment that pays for the entire policy, your cash value will quickly build up to greater than what you originally paid for the policy. This is a win win policy; you have a guaranteed death benefit that is tax free and cash value that builds up as an investment.
A Better Investment Option Than Your CD
Here is an example of what happens when you turn a CD into a Single Premium Whole Life Policy.
Joe (age 65) has $17,000 sitting in a CD. He plans to leave this money to his daughter as a gift. Lets say Joe takes that $17,000 CD money and buys a Single Premium Whole Life Insurance policy in Springfield, OH. His $17,000 would immediately be worth $29,667. This would be an immediate gain of $12,000 and Joe's daughter would receive this money tax free at the time of Joe's death. If the interest rate on the CD was 1.0%, it would have taken 50 years to reach a value of $29,667.
Protect Your Family Today
Life insurance isn't something you want to put off. You never know when tragedy may strike. The best thing you can do for your family is to make sure they're protected when you're no longer here.
For whole or term life insurance in Springfield and the rest of Ohio, contact us today.