Until you are left reeling from the untimely death of a loved one, you may not fully understand or appreciate the importance of life insurance and the critical role it can play during that difficult time. Your children, spouse or significant other, parents or other family members, are the ones whose futures you want to be bright. These are the people for whom life insurance was made. Here are five reasons to provide adequate life insurance for your loved ones:
- Provide income when they really need it. While life insurance can’t replace you, it can replace some or all your income if you were to die. In the immediate term, it can cover the cost of funeral expenses, pay off debts and help defray day-to-day expenses like food, clothing and housing. Longer term, life insurance can help finance college tuition—and help to ensure your spouse or partner can retire. Life insurance is about protecting the lives of your loved ones.
- Meet essential household needs.There are many costs to run a household and care for family members, and insuring what they do is invaluable. Life insurance can pay for vital household services—like childcare, transportation and chores—to make the day-to-day lives of those you hold dear more secure in the event that a provider is no longer around.
- Gain benefits you can use—during your lifetime. Optional riders can help you customize the right type of coverage for you. The AIA Trust term life insurance plan was designed to offer features that can address your particular needs. For example:
- The Chronic Illness Rider provides you with access of up to 50% of your existing life insurance benefit while you are living, if you suffer a qualifying chronic illness. This rider gives you money that you can use when and as you wish to help defray costs resulting from a chronic illness or a permanent cognitive condition while leaving the remaining benefit to your beneficiaries.
- The Automatic Benefit Increase feature increases your coverage each year (typically according to a fixed increment) to keep pace with your anticipated changes in income and needs. Your premium costs adjust accordingly, but you won’t need to undergo additional medical underwriting on the new coverage amount.
- Leave a lasting legacy. Life insurance can create a financial legacy to fund the futures of the people you choose. From supporting a favorite nonprofit to starting a scholarship program, the legacy you leave behind is up to you. But you need adequate funds to make a real difference, and life insurance can provide the assets you need to improve the lives of others in your name.
- Protect Your Estate by Protecting Your Firm. When you’re a firm owner, Key Man Life coverage can be a critical component of a Buy-Sell Agreement. Key Man Life coverage with the firm as beneficiary provides the firm with access to funds that will help keep it running smoothly, thereby protecting it – as well as your family’s ownership stake in the firm. When you are a business partner, as a covered key person these funds can provide a respectable buy-out of your business portion for your heirs. Click here to find out see the details on why Key Man Life is so important for your firm.
Life insurance can help make life easier for the most important people in your life. The AIA Trust offers a term life insurance plan with New York Life Insurance Company, a top A+ insurer that works hard for you and yours. Providing for the ones you care about most—when it is needed most—will make all the difference in your lives. Click here to find out more about New York Life Insurance.
To find out more about features, coverage, costs, eligibility, renewability, limitations, and exclusions regarding the AIA Trust Term Life Insurance Plans, visit TheAIATrust.com or call the plan administrator, Hagan Barron, at (877) 801-3727 and speak with a specialist.