You want to take care of your loved ones in the future. But today you need enough money to pay the bills. It’s something many families goes through — less than 25% of parents say they’re good at managing their finances.1 But you can find a balance between having money to live today while putting in place the insurance and investments to help you thrive tomorrow. To start, let’s consider the main types of family insurance options that protect your finances and how they can help you — whatever happens in life.
In addition to providing a death benefit, some types of life insurance, like whole or universal, can build up cash value that you can use to pay for a home, college, or a caregiver.2
In exchange for premium payments, life insurance helps protect your loved ones financially by providing an income tax-free payment to them if they should lose you.3 There are many varieties of life insurance that you can choose based on your needs, but there are three common types: term life insurance, whole life insurance, and universal life insurance.
Whole life insurance is a type of permanent life insurance created to provide lifetime coverage, and usually has higher premium payments than term life insurance.4 Besides paying out lump sum payments to your loved ones if you pass away, whole life insurance can provide dividends and can also build up cash value that you can access at any time for any reason.5, 6
Did you know that only 40% of parents own disability insurance? That's less than those without kids, and it's where it's needed most.7 Disability income insurance helps replace a percentage of your regular income if you’re too sick or injured to work. It can also supplement long-term disability coverage that you may have through your employer. And employers can offer disability insurance that helps their employees get back to work sooner.
College can rewrite the future and take your child’s life to new places. To prepare, you’ll need to start saving today. Options like 529 plans and whole life insurance policies each have unique advantages that can help.9
529 plan accounts were specifically designed by the government to encourage college savings. Money is set aside from your already-taxed income, but the interest that collects isn’t taxable. And the money you eventually withdraw won’t be counted as taxable income if it’s spent on education.
Family can gift money tax-free to pay for a whole life insurance policy. This insurance can accumulate a cash value — money students can use to fund their education.
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