Life Insurance Planning in Overland Park, KS
Your retirement plan should extend beyond your retirement years. With the right life insurance policy, you can help to ensure the well-being of loved ones after your passing. Here’s a quick look at how the right policy can complete your retirement strategy.
What Is Life Insurance?
Life insurance is a policy contracted with an insurance company that, in exchange for premium payments, provides a lump sum to beneficiaries.
Including life insurance in your retirement plan helps to cover costs of passing your legacy onto a spouse, child or loved one, and can also pay for costs associated with your estate like taxes, debts and funeral costs.
Additionally, life insurance will help your beneficiaries maintain their standard of living after your passing.
Types of Life Insurance
There are several life insurance options. Here’s a quick look at two:
- Term Life Insurance
Term policies provide protection for a predetermined amount of time (e.g., 10 to 20 years) and pays out a specified amount of coverage to your beneficiaries only if you die within that time period.
- Permanent Life Insurance
Permanent insurance provides protection for a lifetime, as long as premiums continue to be paid. This is a common and effective option for replacing lost income after your passing.
Ready to Take The Next Step?
Looking for guidance with creating a life insurance policy? Our retirement specialists are here to help. Schedule your consultation today!