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Life Insurance

What is Life Insurance?

When you hear the  word life insurance, what comes to mind? Negativity, high commissions and sometimes even fear. Oftentimes, people think life insurance is an unnecessary expense and so they shy away from investing any of their money into it. But in fact, life insurance can be an investment and a versatile financial tool that can help individuals build financial wellness now and well into the future. 


In fact, life insurance can actually help create another source of retirement income that most people would never even consider.


By changing the perspective and viewing life insurance as an investment, it’s much easier to see the benefits and not fall victim to any preconceived notions. 

 

Life Insurance Types

One important thing for consumers to understand is that not all insurance policies are created equally. Each individual policy has unique terms, rates and quotes that need to be fully explored. There are also several types of life insurance for consumers to purchase, and there are  two main  type of life insurance  that are important for consumers to properly understand: 

  1. Term Life Insurance – Designed to cover you for a predetermined amount of time – typically 10, 20 or 30 years.  Term insurance is typically purchased to cover a specific period of time and is not a solution for long term life insurance planning.

  2. Permanent Insurance -  Designed to offer coverage for your entire lifetime.  Typically associated with higher premiums in the early years, some permanent insurance plans have flexible and adjustable premiums that give the owner access to the cash value of the life insurance plan.  The different type of permanent life insurance plans are whole life, variable life, universal life and index universal life. 

When you partner with  PROFinancial Network, we take the guesswork out of finding the right life insurance policy. We listen to your concerns, questions and most importantly, your needs. And we help you create a customized  plan for your future that is in line with your financial goals.

Life Insurance FAQ

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Michael G. Romanello, CEP, CLTC

Michael G. Romanello is a registered representative of and offers Securities through Independence Capital Company Inc.  Member FINRA/SIPC. 

5579 Pearl Road, Suit 100 Cleveland, OH 44129

Investment Advisory Services offered through Independence Capital Company Inc. 

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