Family Needs Planning

Family Needs Planning
Family Needs Planning

If you’re like most people, the first time you even think about life insurance is after you start a family. There’s something about taking home that bundle of joy that makes you shift your priorities about what’s important.

One of the foundations of successful financial planning is to protect what you have before you can expect to build upon it. For most people the most valuable asset you own is your ability to earn an income. What else do you have that can generate $40,000, $60,000 or even $100,000 or more each and every year? It’s essential that you protect that asset for your family in case something should happen to you.

Life insurance can play a key role in that plan. And it doesn’t have to be scary or expensive. If you’re just starting out, you’ll be surprised how much coverage you can buy for a very affordable amount with term insurance. As your financial situation and your goals change over time, you can choose to convert that term policy to something more long-term, such as universal or variable universal life insurance, both of which offer you greater flexibility and the potential to build cash value that you can use in the future.

Regardless of the type of life insurance you choose, the benefit paid to your beneficiaries is generally federal income tax free. Cash value within a life policy grows tax-deferred, which is an attractive feature for those who want to accumulate value in the policy so that it can be withdrawn or borrowed against in later years.

Some people use their life insurance cash value to:

  • Help fund college tuition
  • Increase their supplemental retirement income
  • Purchase a vacation home

Be aware that any loans and withdrawals may generate an income tax liability, reduce available cash value, reduce the death benefit or cause the policy to lapse.

The ING Life Companies offer a full suite of life products to help meet the financial needs of you and your family. For more information about how to protect your most valuable asset, talk to your ING financial professional today.

 Help protect your family through life’s changes.

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