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Why do I need Life insurance?

  • To be able to pay the mortgage should I die
  • To allow my family the means to maintain their current standard of living
  • To fund the kids college education if I cannot be here to continue to work and save to fund it myself
  • To pay for my final expenses be that for my funeral or estate taxes so that my loved ones arent burdened to do so for me
  • To replace my Income should I die or in many cases become disabled
  • If you will be retiring with a pension from your employer, when you retire you will be requested to choose between a higher monthly retirement income if the pension terminates at your death or a lower income with survivor benefits for your spouse or partner.  With adequate life insurance you can choose to have the higher monthly retirement income by having your pension stop at your death.  This is because life insurance can replace that income for your surviving spouse or loved one who would have received your survivor benefits if you had chosen to have a lower pension income with survivor benefits.  With good health, more often than not the life insurance premium will be less than the increase in your pension income making an extra profit for you during retirement.

Though not a pleasant thought it's important to think about this: when you die, who will you leave behind? If your answer is a spouse or children, then consider how they will survive without your income. The mortgage will still need to be paid; other bills will still come due; then there are your kids' college plans.

We will show you how much insurance you need and why because your financial plan will tell you this.  Additionally, your needs for life insurance normally decrease over time.  We can structure your life insurance package to minimize your cost by only giving you the life insurance you need when you need it. 

The Bottom line:

Most things that your income currently pays for or helps to pay for won't go away if something happens to you.

One solution:

You may want to consider Life insurance - an effective income replacement tool.

Consider your individual situation

Some of the factors that may influence how much coverage is appropriate include:

  • Your specific age and income
  • Your marital status; if married, your spouse's age and income
  • The number and ages of your children; whether any of them have special needs
  • Projections for your children's future education expenses
  • Your family's cost of living
  • How much savings you have in place
  • Your debts
  • Charitable giving goals if any
  • Fill in gaps in retirement savings lost from an premature death

Interestingly, Life insurance can be a useful tool for many individuals and families who are approaching retirement as well as for those who are already retired.

Most of us buy Life insurance to replace the loss of income that would occur should we die or to create an estate for our loved, but there are many other reasons:

  • You have an aging parent or disabled relative who depends on you for support
  • You have a large estate and expect to owe estate taxes
  • You own a business and have a partner
  • You have a substantial joint financial obligation, such as a personal loan for which another person would be legally responsible after your death

Many retired couples depend on Social Security and pension income to survive. When one spouse dies, those payments may be reduced - survivor benefits are often much lower than retiree benefits - while many of the ongoing expenses remain for the survivor. You can help protect your surviving spouse from this reduction in income with Life insurance. The death benefit can replace your missing income so a personal loss does not become a financial one as well.


What kind of Life insurance fits my needs?


Term Life insurance

  • Affordable coverage
  • Temporary coverage for your personal or business needs (insurance for only when you plan to need it)
  • Renewable or convertible to permanent coverage

Whole Life insurance

  • Good for young adults just beginning an insurance program
  • For families needing protection while saving for the future
  • Cash value of a whole life policy accumulates at a guaranteed interest rate

Universal Life insurance

  • Flexible coverage
  • Options for timing and method of premium payment
  • Tailor coverage to your personal needs

How much Life insurance do I need?

Debt + Income + Mortgage + Education = Life Insurance Needs

How much does Life insurance cost with us ?

You can now buy Life insurance for less than you might spend for your daily cup of coffee or bottled water! 


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Email sal@guardinofinancialgroup.com