Life Insurance provides security to your family to meet their financial needs.  If you are married, a parent, own a home, changing jobs, or retired and even if you are single, your loved ones will benefit from the financial security you provide with a life insurance policy.  Life insurance proceeds can be used to cover daily living expenses, mortgage payments, outstanding loans, college tuition and other essential expenses. And, importantly, the death-benefit proceeds of a life insurance policy are almost never subject to federal income taxes.

There are many resources available to help you make decisions on the type of life insurance and they amount that you may need.  According to Life Happens, a non-profit organization dedicated to personal financial responsibility education, about 38% of Americans believe they would feel the financial impact from the death of the primary wager earner within a month of their passing.  But, when you consider all the things that life insurance proceeds need to fund and how long the money will be needed, you begin to realize that your true need for coverage is often 10 or 15 times your gross annual income, sometimes more.  For more information on securing the financial future of your loved ones, visit LifeHappens.org.

Annuities are another option for families to provide dependable consistent security into retirement.  They are the only investment product that can guarantee you an income regardless of how long you live or how the stock market does.   “Guaranteed income in retirement helps create peace of mind,” says Ken Nuss, founder and CEO of AnnuityAdvantage. Other investments may boast higher rates of return, but only annuities can guarantee their promises.  Lifetime income products provide additional financial security in retirement beyond pensions, 401K products and Social Security.

The Alliance for Lifetime Income conducted a survey of 750 adults age 45 to 72 with at least $150,000 of investable assets, 48 percent have no guaranteed income other than Social Security, which replaces an average of 40 percent of a person’s yearly income.

Additional information on how annuities can be a lifetime income solution for you can be found at RetireYourRisk.org.

The members of the Life Insurance Association of Michigan consist of the leading life insurance and annuity companies who provide personal financial security products in Michigan.