Life Insurance Planning Services

No one likes to think about what happens in the event of an untimely illness or accident. However, you need to make sure that your loved ones and your family are provided for in the event that something should happen to you. Understanding what products are available and choosing the right one for you is an important step in the process, but the choices can feel overwhelming. When it is time to plan for your future, life insurance consulting specialist Kris Montgomery from Alpha Crypto Consulting can help you find the best life insurance for your budget and your needs. 

Why You Need Life Insurance

Rather than think of life insurance as a stand-alone insurance policy, you should consider it as part of a comprehensive financial plan. The best financial plans can be derailed if you die unexpectedly. A life insurance policy can help in the following ways: 

• To protect your family and loved ones. This is especially important if your family or others are dependent upon your income. A life insurance policy can provide the income they need to pay bills and enjoy a comfortable standard of living in the event that you die unexpectedly. If you currently take care of elderly parents or expect to, a life insurance policy can also ensure that they can get the care that they need. 
• To pay off debts. Benefits from your life insurance policy could be used to pay car loans, mortgages, and other debts that would otherwise burden your family after you are gone. 
• To provide an inheritance. Even if you don’t have substantial assets to pass on to your family and loved ones right now, a life insurance policy will ensure that they have a significant inheritance to continue to move forward in life. 
• To cover funeral and burial expenses. Funeral and burial costs are significant. Some sources report that the average funeral and burial expense to be between $8,000 and $10,000. Proceeds from your life insurance policy could be used to pay these expenses so that your family can use other funds to pay their living expenses. 
• To protect your wealth. Even the most careful financial planning can fall into jeopardy due to an untimely death. Purchasing a life insurance policy can protect your current assets so that your family doesn’t have to use them to cover the sudden loss of income. 

At Alpha Crypto Consulting, we believe that careful life insurance planning should work in tandem with your wealth management goals. 

Understanding the Different Types of Life Insurance Products Available

Unlike car insurance that basically boils down to how much coverage you want, life insurance has an array of different products that achieve different ends. Generally speaking, there are two main types of life insurance: 

1. Term life insurance. Term life insurance is a policy that you purchase for a specified number of years or “term.” If you do not die within the term, your policy expires and there is no payout. If you die during the term, a specified amount of money is paid to your named beneficiary. Term life insurance is probably the most popular type of life insurance policy because it is affordable and provides the protection most people need. 
2. Whole life or permanent life insurance. Whole life insurance does not expire, unlike term life insurance. In some ways, it is similar to an investment or savings account. The policy remains in effect as long as you continue to pay the premiums, with a portion of your premium going toward the policy’s cash value. The cash value of the policy carries a guaranteed rate of return, which can be withdrawn or borrowed against during the life of the policy. The cash value of the policy is in addition to the death benefit that will be paid out to your beneficiaries upon your death. 

In addition to these two basic types, there are other more sophisticated products available: 

• Universal life insurance
• Guaranteed universal life insurance
• Indexed universal life insurance
• Variable life insurance
• Final expense insurance

The goal of life insurance consulting from Alpha Crypto Consulting is to help you protect those things that are most important by choosing the right product for your family. 

Things to Consider During Life Insurance Planning

The main purpose of life insurance consulting is fairly obvious – to pay a death benefit to your family and loved ones when you die. However, there are important factors you need to consider when purchasing life insurance. 

1. Your budget. Whole life insurance is significantly more expensive than term life insurance. You should only purchase the life insurance you can afford, because failing to pay your premiums may result in the termination of your policy. 
2. How much insurance you need. When determining how much coverage you need, it’s important to determine what your living expenses are and will be for the foreseeable future. This means what your family will need to replace your income, pay your debts, pay for your funeral expenses, and meet any educational needs of your children. 
3. How long you need coverage. This can vary depending on your needs and where you are in your life. For some, term coverage makes the most sense while whole life insurance is the better option for others. 
4. Can life insurance help you meet other financial objectives? Because whole life insurance both pays a death benefit and carries cash value, the value of your policy can grow over time and serve as an important source of income in later years. 

Contact Alpha Crypto Consulting for Your Life Insurance Planning Needs

Life insurance can be a foundational piece of your long-term financial planning. Because we’re also financial advisors, we can help you find the life insurance product that works within your financial goals. That said, life insurance is about more than just meeting goals – it is about peace of mind knowing that your loved ones will be taken care of in the event of your death. To discuss how life insurance planning can meet your needs, contact us today to schedule a consultation.