Life Insurance

Life InsuranceYour family’s dreams don’t have to be shattered when a loved one passes. At the Insurance Center of Salem we can provide affordable permanent, universal, and term life insurance, as well as annuities, to help ease the financial burden for your family. While future plans may be forced to change, they don’t have to be abandoned! Let our representatives at the Insurance Center of Salem explain the benefits and options available and assist you in selecting the best life insurance to help you protect your family’s tomorrows.

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Why buy life insurance?

Many financial experts consider life insurance to be the cornerstone of sound financial planning. It is generally a cost-effective way to provide for your loved ones after you are gone. It can be an important tool in the following ways:

1. Income replacement
For most people, their key economic asset is their ability to earn a living. If you have dependents, then you need to consider what would happen to them if they no longer have your income to rely on. Proceeds from a life insurance policy can help supplement retirement income. This can be especially useful if the benefits of your surviving spouse or domestic partner will be reduced after your death.

2. Pay outstanding debts and long-term obligations
Consider life insurance so that your loved ones have the money to offset burial costs, credit card debts and medical expenses not covered by health insurance. In addition, life insurance can be used to pay off the mortgage, supplement \retirement savings and help pay college tuition.

3. Estate planning
The proceeds of a life insurance policy can be structured to pay estate taxes so that your heirs will not have to liquidate other assets.

4. Charitable contributions
If you have a favorite charity, you can designate some of the proceeds from your life insurance to go to this organization.