Life Insurance
Plan with Confidence
If anyone depends on your support in person or financially, then you probably need life insurance!
What does life insurance cover?
Life insurance covers virtually any type of living expense. Some Common expenses include:
Immediate Expenses
Funeral and burial costs
Uncovered medical expenses
Mortgage or rent
Car loans
Credit card debt
Taxes
Estate settlement costs
Ongoing Expenses
Food
Housing
Utilities
Transportation
Health care and insurance
Continue a family business
Future Expenses
College Costs
Chronic Illnesses
Critical Illnesses
Investments
Types of coverage
At Stitt Strategies, we help you navigate the complexities of life insurance so that you’re covered when you need it most. We work closely with our clients to identify the right coverage based on their needs and financial goals.
Term Life Insurance
Term life insurance provides protection for a specific period of time—typically 10, 20, or 30 years; however, there are more benefit options available. It’s ideal if you need coverage during a particular phase of life, such as while paying off a mortgage or supporting your children until they graduate. Term life insurance can be the most cost-effective option if you need to cover a specific period of time, offering the highest amount of coverage for the lowest initial premium. This makes it a great fit for those looking for substantial protection on a tighter budget.
Permanent Life Insurance
Permanent life insurance, on the other hand, offers lifelong coverage as long as you pay the premiums. Unlike term insurance, permanent policies typically accumulate cash value over time on a tax-deferred basis. This cash value can be accessed for various purposes, including purchasing a home, supplementing future investments, or covering emergency expenses. While the premiums are higher compared to term policies, the added benefits make permanent life insurance a valuable long-term solution.
We help our clients understand the potential hybrid use of permanent life insurance as not just a protection tool, but as a financial asset that offers living benefits.
A Mix Might Be Right for You
Sometimes, a combination of both term and permanent life insurance is the best approach, providing a balance between affordability and long-term security. At Stitt Strategies, we can help you evaluate your unique circumstances and develop a tailored strategy. Whether you need short-term coverage or a policy with the ability to build cash value, we’ll ensure your insurance plan aligns with your goals for the future.
How much life insurance do I need?
The amount of life insurance you should purchase depends on who you want to financially support and for how long. To get a basic idea, take the following into account:
1
Calculate the total of immediate, ongoing, and future expenses your family or loved ones might face if you were no longer there.
This could include costs like funerals, rent or mortgage payments, and tuition for education.
2
Determine the financial resources your loved ones currently have.
This might include a spouse’s income and any existing life insurance coverage.
3
Subtract the available financial resources from the estimated expenses.
The result is the approximate amount of life insurance you may need to purchase.
Book with Amber
She will let you know how many policies she has currently and how she selected how much to have. Let us help you find the right mix of life insurance that meets your needs and gives you peace of mind.
