Affordable Life Insurance 

Life insurance can be a major part of financial planning for individuals and business owners. The best way to determine the amount of life insurance you need is through a financial needs analysis. We can work together to help you determine the short-term and long-term financial needs of you and your family by looking first at the predictable financial issues you face.
The memories of your life are preserved even after your death with life insurance. There are policies that can help you pay your mortgage, maintain a standard of living, pay off debt, or even pay for your children’s college education. When your loved ones need it most, life insurance can be there for them.

The Benefits of Life Insurance 

Life Insurance is a product solution used to provide a death benefit to heirs after the death of the insured. There are various reasons to purchase life insurance, but two of the most frequent reasons are to replace the loss of income or to pay off debt.

These policies provide a tax-free death benefit to the beneficiaries when the insured passes away. This death benefit can be used to pay off any outstanding debt, such as a mortgage or a large student loan balance. Also, the death benefit can be used to support the remaining family members if the insured was the primary income earner.

How Life Insurance Works

Many families will buy a life policy to cover their outstanding debt, including their mortgage balance. By paying off financial debt with life insurance benefits, beneficiaries are relieved of the burden of ongoing payments. Additionally, life insurance is commonly used to replace lost income, especially if the household is dependent on one income source.

For example, if the breadwinner passes away, the death benefit can be used to fulfill income needs. This means the surviving spouse does not always need to return to work. If income needs are not an issue, the death benefit can be used towards retirement, college education, or future financial investments. household with only one income may find it difficult to accumulate savings, which is why the death benefit can be a valuable asset.

Getting Started is Easy

Our goal is to ensure that your life insurance covers the remainder of the mortgage on your house and work with you to ensure that your surviving spouse and dependents will have sufficient income. We will discuss your other assets, retirement benefits, and social security to determine their income needs. Your current age, health, and your spouse’s earnings potential are essential factors.

Estate Tax Liability: We recognize the need for liquidity at death to offset estate taxes and maximize the transfer of assets to future generations. We want to consult with your attorney or bring in a legal specialist to plan for a favorable result.

There are plenty of different policy structures that may be considered when purchasing life insurance coverage. We will assist in

Analysis of Existing Policies

  • Other Financial Obligations
  • Wills and Trusts
  • Savings
  • Investments
  • Retirement Benefits

We can help you select coverage from a variety of life insurance options to meet the needs identified in your financial security plan.


Considerations When Purchasing Life Insurance

Situation Issues/Objectives
Do you own a family business?   How to pass estate/business to 2nd generation equitably
Do you own annuities/IRA accounts of $500K+?   Income in respect of decedent
No step-up in basis, erosion of values from taxes
Do you own vacation homes?   Possible forced sale to pay for estate taxes
Do you own low-cost basis stock?   Can’t sell due to capital gains
Do you own rental property?   Need liquidity to pay estate taxes
Do you own assets from recent inheritance?   Need for tax planning, overall estate planning
Are you making max annual exclusion gifts?   How to make additional transfers without incurring gift taxes
Are you age 30-50, have a high income, and high net worth?   Need adequate retirement income, especially for the survivor; potential estate tax issues
Are you a professional, age 50+?   Large percentage of net worth in qualified plans; continued deferral compounds problems
Are you a professional, age 30-50?   Limited with qualified plans, need for sufficient retirement income
Are you a high-income family head?   Need for family income protection; typically have group term protection only
Are you a corp. executive, 55+ with high net worth?   Will never spend benefits from ER-sponsored non-qualified plan
Are you a corp. executive, age 30-50?   Limited with 401(k), need for sufficient retirement income
Are you a new entrepreneur?   Banks often require coverage on key person; buy-sell in process
Do you have 401(k) and/or pension accounts?   Highly compensated execs in group are victims of reverse discrimination


Speak With a Trusted Advisor

Our team at Summit Financial looks forward to helping you. Our friendly advisor is available to review all your options at a time that is convenient for you.


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Insurance is the only product that both the seller and buyer hope is never actually used.

The Fine Print

All written content on this site is for information purposes only. Opinions expressed herein are solely those of Summit Financial Consulting LLC and our editorial staff. Material presented is believed to be from reliable sources; however, we make no representations as to its accuracy or completeness. All information and ideas should be discussed in detail with your individual adviser prior to implementation.

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