Life Basics

Life Insurance

At Hatcher Kimrey Insurance we realize that life insurance is an essential part of financial planning. Most people buy life insurance to replace income that would be lost with the death of a wage earner. The cash provided from a life insurance policy can help your family pay any outstanding debt when you die. A key feature of life insurance is that no income tax is due on the proceeds paid to the beneficiaries.

Before buying life insurance, you should determine how much protection you should have. This protection should include a sufficient amount for:

• Any immediate needs at your death, such as final illness expenses, burial costs and estate taxes.
• Funds for a readjustment period for you family
• Ongoing financial needs, such as monthly bills, college tuition or retirement

One rule of thumb used by most insurance professionals is to buy life insurance that is equal to five to seven times your gross annual income. Buying life insurance is different than any other purchase. You are providing the future financial security of your family that only life insurance can provide. Choosing a life insurance product is an important and complicated decision. It is important that you understand your needs and your options.

Call Hatcher Kimrey Insurance to discuss what options are appropriate for your needs. Remember, we are always here for you!

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