When Considering Life Insurance

October 31, 2013

Life insurance is a simple concept. A person takes out a policy in order to provide funds to his or her loved ones upon his or her death. However, life insurance can get complicated by the various products that life insurance companies offer. A recent article attempts to assist insurance customers in understanding how to make good decisions concerning their life insurance.

The article first suggests that people consider life insurance as financial plan insurance. The term itself is rather misleading, considering that life insurance cannot bring you back once you have passed on. Rather, life insurance provides for the financial future of your loved ones.

Here is one rule of thumb: when purchasing life insurance, first calculate how much money you believe your family would need to live comfortably without you. Factor in any mortgage or car payments, college tuition for children, and supplemental income. When you have factored in all of these assets, consider how long your family will have these specific needs. Often, a level term policy that expires at the same time that your working career would be over is the best option.

Life insurance replaces your income, so consider how long of a working career you believe you will have. For example, if you plan on retiring at age 65, calculate your income until that date. After which, there is no anticipated income to protect.


Practice Areas:



Schedule your free Exploratory phone call

Click here to see how we
can be of assistance.

Careers/Open Positions

Explore all available job
listings and become a part of an amazing team.

Payment Portal
for Tax and Accounting invoice

This link offers a secure, quick way to complete your payment with Omni360 Advisors LLC.

Our Social Media

Connect with us on Social Media using the following buttons:

Visit our Podcasts

Listen in, Join the Conversation!

Recent Posts

Holiday Visits Are the Perfect Time to Check In on Retired Parents—Here’s What to Look For

Make the most of your holiday visit by checking in on your retired parents’ well-being, financial health, and estate planning. Here’s what to review while you’re together. Use the Holidays to Ensure Your Parents’ Well-Being—Financially and Otherwise The holidays are a time for celebration, family meals, and meaningful reconnection—but they’re ...

<p>The post Holiday Visits Are the Perfect Time to Check In on Retired Parents—Here’s What to Look For first appeared on Integrated Tax Planning, Legal Planning & Financial Planning.</p>

Understanding How Annuities Are Taxed: What Retirees and Legacy Planners Need to Know

Learn how annuities are taxed based on type, payout structure, and ownership—essential insights for retirees, estate planners, and beneficiaries. Annuity Taxation Explained: A Guide for ...

<p>The post Understanding How Annuities Are Taxed: What Retirees and Legacy Planners Need to Know first appeared on Integrated Tax Planning, Legal Planning & Financial Planning.</p>

Investing Across Generations: What We Can Learn from Baby Boomers to Gen Z

Discover how different generations invest, what influences their financial decisions, and how you can use these insights to build a smarter investment strategy. From Boomers to Gen Z: Lessons in Investing Across the Generational Divide Every generation has its own approach to money, shaped ...

<p>The post Investing Across Generations: What We Can Learn from Baby Boomers to Gen Z first appeared on Integrated Tax Planning, Legal Planning & Financial Planning.</p>