…and when it comes to ensuring you have the right life insurance for your unique financial circumstances, you’ve come to the right place in Blackburn Financial Group.
Life insurance is commonly misunderstood. Many people understand how it can provide peace of mind for both the policyholder and the policy’s beneficiaries, but the benefits don’t stop there. In the right hands, life insurance it can be a powerful and effective financial planning tool thanks to the variety of products available to you.
So, what can life insurance do?
There are two basic kinds of life insurance policies: Term insurance and permanent (or cash value) insurance. You Blackburn Financial team can help you determine the policy or policies that best fit in your overall financial plan. Depending on the product(s) you choose, life insurance can:
- Provide liquidity at death and preserve the dependents’ standard of living
- Provide for college expenses
- Eliminate home mortgage and loan balances
- Pay for expenses for long term care
- Provide supplemental retirement income as a cash reserve with tax deferred growth and tax free income
- Provide liquid assets in estate planning or create an immediate estate
- Equalizes inheritance for beneficiaries
- Provide funds for a business transfer of ownership
- Provide key employee protection
At Blackburn Financial Group you will receive a life insurance policy review – a very important step in ensuring your future financial wellbeing. There are a number of variables, both in your always-changing life and in the life insurance policies themselves, that can make a policy become a less-than-ideal fit for your needs. You deserve to know how things stand and what your options are. We’ll begin with a few simple questions:
- Is the policy still suitable for you?
Is the death benefit appropriate?
Is the premium appropriate?
Is the policy properly owned?
Are beneficiaries properly named?
- What is the financial condition of the policy today?
What guarantees does the policy provide?
Have any loans been taken?
Are premiums plus loan interest being paid?
Is the policy convertible and to what age?
Are there still surrender charges in the policy if exchanged?
- How is the policy likely to perform in the future?
How is policy performing on current assumptions?
Is the policy expected to lapse prior to the insured’s wishes?
Is a change in the benefit to be paid?
With decades of experience in life insurance, Blackburn Financial Group can provide the guidance you need.