William Penn Life, 2012 (47. évfolyam, 1-12. szám)
2012-08-01 / 8. szám
Moneywise with Jeff DeSantes Why do you own life insurance? WHEN ASKED WHY they own life insurance, people responding to a recent survey replied with two basic answers: the first, for personal financial security; and the second, to pay for final expenses. The Life Insurance and Marketing Research Association (LIMRA) took this a step further and conducted a survey of 500 affluent individuals over the age of 50, asking them the same question. Here are the results: • 30% Financial Security - to replace personal income. • 21% Wealth Transfer - the easiest way to give money to loved ones. 19% Final Expenses - the average cost for a funeral is I $7,500 or more. S 10% Retirement - to supplement your income or provide a nest egg for retirement. 7% Mortgage Protection - to pay off any outstanding balance on a mortgage. 6% To Pay Federal Estate Taxes - because taxes always need to be paid on estates. 4% Investment Purposes - life insurance can be either tax-deferred or tax-free. 2% Charitable Giving - a great way to enhance your gift. in the future. The delivery date of that money is unknown right now, but it is coming one day. Not having sufficient insurance and not having some permanent life insurance exposes the family to a variety of risks and expenses: • Providing adequate retirement savings for a surviving spouse. • Providing support for parents who rely on their grown children for financial assistance or long term care. • Supporting children who return to the home. 1% Business Reasons - buy-sell agreements, deferred compensation, etc. • Leaving a legacy for one's heirs. • Covering estate taxes. According to the survey, household breadwinners have enough life insurance, on average, to cover expenses for only four years after the loss of a breadwinner. Despite the fact that it would be a financial burden to replace the work of a stay-at-home parent, 43% report having no life insurance at all for the household's non-breadwinner. The issue is very clear and simple: life insurance is the greatest financial tool ever designed. When you purchase a plan, you are buying money to be delivered some day WPA has outstanding life insurance plans to offer our members and those who would like to become members. If you do not have a WPA agent, please call the home office at 1-800-848-7366 ext. 120; and we can assist you in finding an agent that will meet with you in order to serve you and your family by offering: A Review Of Your Needs, Life Insurance Protection, Taxed-Deferred Annuities, Juvenile Insurance Plans and Special Fraternal Benefits. □ If you do not have a WPA agent, please call the Home Office at I -800-848-7366, ext. 120, and we can assist you in finding an agent who will serve you and your family by offering: • A Review of Your Needs • Life Insurance Protection • Taxed-Deferred Annuities • • Juvenile Insurance Plans • Special Fraternal Benefits * 4 0 August 2012 0 William Penn Life
