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Robert A. Imparato, Jr CFP®
CERTIFIED FINANCIAL PLANNER™ professional
Craig A. Hyldahl CFP®
CERTIFIED FINANCIAL PLANNER™ professional
R.I.C.H. Planning Group, LLC
105 Fieldcrest Avenue, Suite #507
Edison, NJ 08837
Robert: 732-326-5240
Craig: 732-326-5240
Fax: 732-326-5331
Robert: robert@richplanninggroup.com
Craig: craig@richplanninggroup.com
Website: www.richplanninggroup.com
May/June 2021
Is Life Insurance Optional?
Everyone hopes to live a long and healthy life. But the fact is, there are no guarantees. Would your family or business survive financially if you died suddenly or your company lost a key employee? Life insurance is designed to provide for families or businesses if the unexpected happens.
Life insurance protects your family or business by offering a cash benefit upon the death of the insured. Consider these key reasons for purchasing life insurance.
For Individuals
Life insurance can be used to:- Cover funeral and burial expenses. The average funeral costs between $7,000 and $12,000 — or more. Life insurance proceeds can be used to cover expenses, leaving more of your assets intact for your family.
- Replace income. Proceeds from a life insurance policy can help your family maintain its standard of living after the loss of your income.
- Pay for your children’s college educations. With one less income, saving for college may be difficult for your spouse. Life insurance proceeds can help pay college expenses.
- Eliminate debt. Your spouse can use the benefit to pay off a mortgage or settle other debts.
Consider purchasing a life insurance policy on a non-working spouse as well. If your spouse dies, the proceeds can pay for services such as child care and housekeeping.
For Business Owners
The loss of a key employee can be a devastating event for your business. Key person life insurance covers individuals who are crucial to company operations.The proceeds can be used to:
- Compensate the company with cash.
- Pay off debts.
- Buy out surviving shareholders’ interests.
- Finance training for a new employee.
If your business has several key employees, you might save money by purchasing a first-to-die policy. The policy covers the first person to die, then remains in effect to cover another key employee. Although the policy provides coverage to several employees, the premiums reflect that only one person at a time is receiving coverage.
GE-3451179(2/21)(Exp.2/23)
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Securities offered through Equitable Advisors, LLC (NY,NY (212) 314-4600), member FINRA,SIPC (Equitable Financial Advisors in MI & TN). Investment advisory products and services offered through Equitable Advisors, LLC, an SEC-registered investment advisor. Annuity and insurance products offered through Equitable Network, LLC, which conducts business in California as Equitable Network Insurance Agency of California, LLC; in Utah as Equitable Network Insurance Agency of Utah, LLC; and in PR as Equitable Network of Puerto Rico, Inc. Equitable Advisors and Equitable Network are affiliated companies and do not provide tax or legal advice.
R.I.C.H. Planning Group, LLC is not owned or operated by Equitable Advisors or Equitable Network. Equitable Advisors and Equitable Network are brand names for Equitable Advisors, LLC and Equitable Network, LLC, respectively.
GE-4833845.1 (7/22)(Exp. 7/24)
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