Welcome to Legacy Financial,
where protecting your future is our priority. With 6+ years of experience and a legacy of trust and reliability, we are committed to providing comprehensive life insurance solutions tailored to your unique needs.
Frequently Asked Questions
What is life insurance?
Life insurance is a contract between you and an insurance company that promises a monetary payout, commonly called a death benefit, to designated beneficiaries — typically family members — after you pass away. As long as you’ve paid your premiums and the policy is active upon your death, the death benefit will be paid out.
Do I really need life insurance?
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YES - unless you are single and financially stable without dependents or a business. Life insurance is especially important for parents, sole financial providers, and those paying off debt. Learn more about who needs life insurance on our Life Insurance tab. Or, book an appointment to get further insight into how life insurance works and get affordable quotes from top companies.
How does life insurance work when I die?
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After you pass away, your beneficiary must file a claim with the life insurance company and submit relevant documentation, such as a death certificate. The beneficiary may choose how the death benefit will be paid out to them — either via lump sum or annual payments. Each life insurance payment option is paid out tax-free.
What if I already have life insurance through my job?
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If conversion or portability options are not available or if you prefer more control over your life insurance coverage, you may consider purchasing an individual life insurance policy. This allows you to maintain coverage independently of your employment status and tailor the policy to meet your specific needs. If you anticipate a gap in coverage due to job loss, it's essential to explore alternative life insurance options promptly. Depending on your age, health status, and other factors, obtaining new coverage may be more challenging or costly after a significant life event like unemployment.
How can life insurance help me invest?
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Life insurance can serve as an investment tool, particularly with permanent policies like whole life or universal life insurance. These policies accumulate cash value over time, growing tax-deferred and providing a potential source of funds for various needs such as retirement income or education expenses. The tax advantages of life insurance, including tax-deferred growth and tax-free withdrawals up to the amount of premiums paid, make it an attractive option for building wealth in a tax-efficient manner. Additionally, the cash value of a life insurance policy may be protected from creditors and legal judgments in many states, offering an additional layer of asset protection. Beyond its investment benefits, life insurance plays a crucial role in estate planning by providing liquidity to cover estate taxes and ensuring a tax-free inheritance for beneficiaries. Consulting with a financial advisor can help determine the most suitable life insurance strategy to align with your financial goals and objectives.
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