Life insurance is a crucial step in planning for your future; but, how much life insurance is enough? It provides assurance for your family if you are no longer around. But did you know there are policies that offer benefits while you are living? With that in mind, how much is right for you in Oklahoma?
At Omega Insurance, we understand the life insurance needs of our customers. The necessity of it depends on your own personal and financial needs. What type and amount are appropriate for you and your family? We are here to help! Omega assists and helps you through the process.
Generally, you should consider a policy if:
- You have a spouse.
- You have dependent children.
- Your aging parent or a physically challenged relative depends on you for support.
- Your retirement savings are not enough to insure your spouse’s future against a rising cost of living.
- You have a sizable estate.
- You own a business.
Additional benefits other than providing for your loved ones, in case something happens to you include:
- The cash value earned and borrowed from a permanent policy can be used to help with large expenses, such as a college education or a down payment on a home.
- The growth of a cash-value policy is tax-deferred — you do not pay taxes on the cash value accumulation until you withdraw funds from the policy.
- Consider using policy for covering funeral expenses and paying estate taxes. Consult your tax advisor agent in Oklahoma for more information.