Insurance

Insurance – what is it and why do we need it? When it comes to the topic of insurance there is a good percentage of the population at large that would rather do anything else from sleep to torture than engage in a discussion. Additionally over the years many an insurance representative has also done a disservice to insurance by only promoting “peace of mind”. The term “insurance” is a collective. It encompasses many different types of insurance that are used in many ways.

Generally speaking, insurance is used to reduce risk – the risk of damage or loss of your home, car, business, life or retirement. A person could if they had enough assets assume all of the risk themselves and eliminate their insurance coverage, but that would be the most costly choice. If anything adverse were to happen that person would have to assume all responsibility in making themselves as well as any others involved whole. The use of insurance on the other hand removes the risk of loss from the individual and places that same risk of loss with the insurance company at a fraction of the cost. The individual’s life thereby becomes less problematic.

Life insurance can also be used to protect a business from the loss of a key person or persons. It can also ensure that the business continues on even after the loss of the principal and yet provide for the principal’s family. Life insurance through the use of loans can also be a source of emergency funds. Annuities can also be used to provide income for retirement. Use the calculator below to determine approximately how much life insurance is right for you. Then call or email us. We can help!

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