How to the JP-Morgan life insurance.

How to buy life insurance
Life insurance can help protect the well-being of your loved ones by providing tax-free benefits to named beneficiaries should an unexpected death ever occur.
Deciding whether to buy life insurance, and what amount, is often dependent on each individual person’s financial goals and needs.

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There are two main types of life insurance: term life insurance, which has a defined term duration; and permanent life insurance, which remains in place for your entire life.
Buying life insurance is, well, an important part of life. It can be unpleasant to think about – after all, who wants to plan for their own death? But the truth is that, similar to saving or investing in stocks, life insurance is another essential component of completing your financial plan.
To gather a more comprehensive picture of what exactly life insurance is and how clients can go about buying it, we spoke to Sean Leary and Matt Megally, both J. P. Morgan Insurance & Retirement Solutions experts.
Leary shared that there are four main areas where life insurance can play a crucial role in your financial plan:
Income replacement – If you pass away, your family or other loved ones will receive immediate liquidity to offset the potential loss of income that you may have earned had you been able to continue to work.
Long-term care – Certain life insurance policies allow you to add coverage for long-term care expenses. If you need assisted living services, your family will be supported through these policy benefits.
Business owner – If you are concerned about business-related financial planning in the case of your own unexpected death, or the death of a business partner or key employee, you can use life insurance to provide immediate liquidity to assigned beneficiaries.
Estate taxes – If you have a large estate, life insurance can provide immediate assets for your beneficiaries to help them pay any associated taxes at the time of your death.
Additionally, there are two main types of life insurance, and they’re defined on a duration-related basis:
Term life – This is a plan with a set term limit, typically ranging between 1 and 30 years. It’s a good option if you only feel the need to be covered for a certain length of time – such as, for example, until your mortgage is paid off, or until your children have graduated from college. During the selected term, you’ll typically pay level premiums.
Permanent life – This plan lasts, as its name suggests, permanently for the remaining duration of your life. Permanent life insurance premiums are typically higher than term premiums, but they can remain consistent. There can also be a cash value component, which earns interest and may be available for you to withdraw from, or borrow against, in the case of unexpected expenses.
Megally shared that deciding whether to buy life insurance is dependent on each person’s unique financial objectives. Therefore, it’s important to regularly assess your goals to determine whether life insurance fits in with your personal plan.
A simple rule of thumb is to imagine the need for life insurance throughout your lifetime illustrated as a bell curve – it starts at a low point, rises as you acquire more financial responsibilities, and then starts to drop over the years as you prepare for retirement.
Leary shared that historically, the process of buying life insurance typically consisted of meeting a life insurance agent who only represented one company and offered limited product options. Today, the process is much more client-focused, with advisors being able to offer a range of life insurance carriers and product options to help find the most suitable strategy for your personal goals and needs.
All in all, the resounding message around life insurance is that, even if the concept seems ominous or uninviting, you can take comfort in the fact that purchasing a policy goes beyond protecting only you and your assets. Ultimately, owning life insurance is about the well-being of your loved ones, and ensuring that your finances are arranged in an optimal manner if an unexpected death is ever to occur. And, as always, if you’re not sure which life insurance plan is best, speaking with a trusted advisor is an excellent option.


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