LFA – Columbus RPO Contact Us Home About Us Planning For Clients For Advisors Contact Us Life Insurance: Protection with a Purpose Discover the many reasons it makes sense to purchase life insurance and how to determine your financial needs. Learn more about life insurance here. When it comes to making certain that your family has an umbrella of protection in the event of your untimely death, nothing comes to the rescue like life insurance. The purpose of life insurance protection is many fold. However, some of its best uses are to; Establish an instant cash emergency fund. Pay off credit cards and other individual/family debts. Pay off mortgages. Create a children’s education fund. Pay estate taxes. Life insurance can address all of the above financial responsibilities if you’re not here to take care of them yourself. How do you determine how much life insurance is enough? Quick answer: you prepare what’s called a “needs analysis.” Start with a notepad, a #2 pencil, and an eraser. First, list the total value of all your assets, including savings accounts, retirement funds, real estate, personal investments, and current life insurance. Second, list all the expenses your family might face if one spouse were to die, including mortgage payoff, rent, college funds, car and credit card payments, and child care. Third, knowing that some assets might be sold and some insurance may already be in place, subtract the accumulated needs from the cash available at death. In many instances the needs of your beneficiaries will exceed the value of your current assets and existing insurance. Hence you have a “cash shortfall”. Like apples and oranges, life insurance comes in different forms, such as term or cash-value insurance. Each form can be applied to either specific needs or to a basket of needs. Related Resources Disability Insurance:­ How will you cover your income? Identity Theft: Could It Happen to You Long Term Care: Putting Your Family at Ease Life Insurance Disclosure We are licensed in the following states. If you are a legal resident of one of these states, please proceed. We are sorry if we are unable to offer you our services at this time. Securities: Alabama, Alaska, Arizona, Arkansas, California, Colorado, Connecticut, Delaware, District of Columbia, Florida, Georgia, Idaho, Illinois, Indiana, Iowa, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Montana, Nevada, New Hampshire, New Jersey, New Mexico, New York, North Carolina, Ohio, Oregon, Pennsylvania, Rhode Island, South Carolina, South Dakota, Tennessee, Texas, Utah, Vermont, Virginia, Washington, West Virginia, Wisconsin, Wyoming Unless otherwise identified, Associates on this website are registered representatives of Lincoln Financial Advisors Corp. Securities and investment advisory services offered through Lincoln Financial Advisors Corp., a broker/dealer and a registered investment advisor. Member SIPC. Insurance offered through Lincoln affiliates and other fine companies and state variations thereof. Lincoln Financial Group is the marketing name for Lincoln National Corporation and its affiliates. Firm disclosure information available at www.LFG.com. See Lincoln Financial Advisors (LFA’s) Form CRS Customer Relationship Summary, available here, for succinct information about the relationships and services LFA offers to retail investors, related fees and costs, specified conflicts of interest, standards of conduct, and disciplinary history, among other things. LFA’s Forms ADV, Part 2A, which describe LFA’s investment advisory services, Regulation Best Interest Disclosure Document, which describes LFA’s broker-dealer services, and other client disclosure documents can be found here. *Associated persons of Lincoln Financial Advisors Corp. who hold a JD and/or CPA license do not offer tax or legal advice on behalf of the firm. Portions © 2014-2015 Liberty Publishing, Inc. Portions © 1996-2021 SiteQuest Technologies. All rights reserved. “It takes as much energy to wish as it does to plan.” - Eleanor Roosevelt CRN: 3096169-052120