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If you're nearing retirement or already enjoying your retired life, you may be reconsidering your life insurance policy.

Do you have enough coverage for yourself and your spouse? How much will your policy leave behind for your family? Are the benefits ample enough to cover your end-of-life expenses and replace your income? Is your policy about to expire?

If you've been asking yourself these questions, you're not alone.

The fact is, many people have questions about life insurance, and not all of them are easy to answer. Luckily, our team at Ross Wealth Advisors is here to ensure you have the guidance and the information you need to make a smart decision.

What Is Life Insurance?

Life insurance isn't for those who have died -- it's for those who are left behind.

To put this another way, a life insurance policy provides the funds needed to cover end-of-life expenses, including a funeral and burial costs. It also provides your beneficiaries with a financial "safety net" ample enough to provide some security for them after you're gone.

How Much Life Insurance Do You Need?

When shopping for life insurance, you'll want to account for needs, such as replacing income, so your family can maintain their standard of living and pay for your funeral and estate costs.

Here's a general rule to keep in mind:

You want to seek coverage between five and seven times your gross annual income.

That's not where your considerations stop, though: you'll also want to pay attention to what type of policy you purchase.

The Types of Life Insurance Policies

Today, life insurance policies come in two general categories: term and permanent.

Here's a breakdown of each:

Term Life Insurance

Term insurance generally provides coverage for a specified period of time and pays out a specified amount of coverage to your beneficiaries only if you die within that time period.

In a level premium term policy, you pay the same amount of premium from the first day of the policy until the term ends.

Permanent Life Insurance

Also called "whole life" insurance, a permanent insurance policy will stay permanently in effect for the rest of your life, as long as premiums continue to be paid.

This is a nice idea for anyone who wants to build value in their life insurance policy and ensure that their family is never at risk of the policy lapsing or expiring.

Choosing the Right Policy for You

Few things are more important to your family's financial future than your choice of life insurance policy. Luckily, you're not alone in selecting the right one. To learn more about life insurance policies, the benefits and drawbacks of each, and which might be right for you, contact us today.

To schedule a time to discuss your financial future for that abundant retirement you want and deserve, contact us via email or call us at 614.310.4519 today!

By contacting us, you may be offered information regarding the purchase of insurance and investment products.

Your investment advisor is not permitted to offer, and no statement contained herein shall constitute tax or legal advice. You should consult a legal or tax professional on any such matters.

All written content on this site is for information purposes only. Opinions expressed herein are solely those of ROSS WEALTH ADVISORS and our editorial staff. Material presented is believed to be from reliable sources; however, we make no representations as to its accuracy or completeness.
All information and ideas should be discussed in detail with your individual adviser prior to implementation. Fee-based financial planning and investment advisory services are offered by TOUNJIAN ADVISORY GROUP, LLC, a Registered Investment Advisor in the State of Florida. Insurance products and services are offered through ROSS WEALTH ADVISORS, and TOUNJIAN ADVISORY GROUP, LLC are unaffiliated companies. The presence of this web site shall in no way be construed or interpreted as a solicitation to sell or offer to sell investment advisory services to any residents of any State other than the State of Ohio or where otherwise legally permitted.

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