A professional will work hard to build a stable income for themselves and their family. There are many events that are unexpected, and this also includes a sudden death. Life insurance provides a safety net for families who suddenly lose the bread winner of the home. This lost income may be replaced when funds are received from the policy. Beneficiaries may utilize the money to pay down debt, pay educational costs or other household expenses. A family can sustain their current lifestyle with a life insurance payout. HCR Wealth Advisors specializes in working with high net worth individuals solve financial issues.
There are two popular forms of life insurance, and they are term life policies or whole/permanent life policies. A term policy will cover the client for a set length of time, usually 10 to 20 years. The length may be shorter or longer to suit the needs of the client. A permanent life insurance policy will be in force until the death of the policyholder. The premiums are usually higher, because they may have cash value or be linked to investments. A person looking to establish an estate or transfer wealth to dependents may prefer a permanent life insurance policy. HCR Wealth Advisors can educate the client on various insurance options.
Employers do provide life insurance benefits to workers, and these may be either term or permanent insurance options. Since these are group plans, a physical is usually not required. A major event, such as a marriage or birth, may cause a person to consider buying the necessary insurance. However, these policies may be purchased before a life changing event. HCR Wealth Advisors help clients to find the right protection against risk. A worker with dependents, such as children or a spouse, should consider buying a policy. An individual plan will usually be cheaper when a professional is younger. The process to qualify for a private term life insurance policy will typically include a physical exam.
A professional will need to calculate the amount of insurance to purchase. A common recommendation is to buy coverage that will replace 5 to 10 times the worker’s annual income. An individualized plan will consider a person’s assets and liabilities. HCR Wealth Advisors has a great team of professionals who work daily with clients to establish relationships through service while helping to develop client financial strategies.
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