Why do you need life insurance?
Life insurance can protect your family if you should die prematurely.
The death benefit it provides can replace some of the income you would
have earned and help to:
Provide survivor income to your family
Protect your home by enabling your family to pay off
the mortgage and other debts
Protect your children’s future by keeping their
college fund intact—or creating one
Provide supplemental retirement income for your
spouse or partner
Provide funds to settle your estate and pay other
final expenses
Provide survivor income to your
family
Your spouse or family may find it hard to live the way they do now if
something were to happen to you. The death benefit from a life insurance
policy can help them maintain their standard of living by supplying funds
they’ll need for:
- Mortgage, rent, car loan or other debt payments
- Childcare costs
- Clothing and other expenses
- Phone, utility and home maintenance expenses
- Final expenses, including burial and estate settlement
Both term
and permanent, cash value plans—such as Harleysville Life’s
Elite Term and Pro Performer universal life policies—can be used to meet this need. You
may want to consider a base amount of permanent coverage, combined with
additional term insurance during the years when financial obligations are
greatest, such as while you have children in college.
Protect your home
Would you like the peace of mind that comes from knowing your family
would be able to keep their home if something were to happen to you? That
your children wouldn’t have to leave the home they grew up in or change
schools? Having a lump sum earmarked for just this purpose can keep your
family’s house their home, even if you’re not there.
A term policy that matches the outstanding period of your mortgage is
an ideal way to insure against this risk. Harleysville Life offers 10, 15,
20 and 30 year Elite Term
plans, featuring rate guarantees and the option to insure other family
members on the plan. A cash value universal life plan can also be used to
both insure your family’s home and accumulate funds to pay off the
mortgage early.
Protect your children’s future
What future are you planning for your children? A college or private
school education? Whether you’ve already saved enough to
help your children with college, or you plan to start soon, a parent’s
life insurance policy can help.
- The death benefit can provide funds for your children’s tuition,
room and board, or other college expenses.
- The death benefit can be used to pay other debts or expenses so that
your children’s college fund can remain intact.
Both term
and permanent, cash value plans—such as Harleysville Life’s
Elite Term and Pro Performer universal life policies—can be used to meet this need.
Harleysville Life offers 10, 15, 20 and 30 year Elite
Term plans, featuring rate guarantees and the option to insure other
family members on the plan. The Pro Performer cash value universal life plan can also be
used to both insure your plans for your children’s education and
accumulate funds to help with tuition costs when the time comes.
Provide supplemental retirement
income
Whatever dreams you have in mind for your retirement, life insurance
can help protect them. A life insurance policy on the person contributing
funds to retirement plans can help protect the plans themselves. The death
benefit can be set up to provide regular income for your spouse after your
death so that he or she will not have to spend your other hard-earned
assets to meet expenses. Or, you can access the available cash value of a permanent
life insurance policy to help supplement your retirement
income.
Even if you have group life insurance through your employer, having an
individual policy is a good idea. Most group plan death benefits decrease
significantly or simply end when you retire—a time when buying a new
insurance policy will be more expensive because of your age and health
status.
Provide funds to settle your
estate
You’ve worked hard to provide a home and secure other assets—your estate—for
your family. Don’t let that hard work go to waste if something were to
happen to you. Without life insurance your family may need to liquidate
your estate to pay off debts, estate taxes and fees. Life insurance can
provide the money your family will need to meet these obligations and
protect the value of your estate.
Because
of the long-term nature of this coverage need, you may want to choose a permanent,
cash value plan, such as the Pro
Performer UL, which offers coverage to age 100 and three no-lapse
guarantee options.
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