Life insurance is an important component of financial planning and securing your family’s future. Empire Fidelity Investments is a leading provider of life insurance products and services. In this article, we will provide a comprehensive overview of the various life insurance options offered by Empire Fidelity Investments.
Life insurance helps provide financial security for your loved ones in case of your untimely demise. The pay out from the life insurance policy helps replace your income and takes care of expenses even when you are not around. Empire Fidelity Investments offers a range of life insurance products including term life, whole life, universal life, variable life insurance etc. Their experienced advisors can help you evaluate your insurance needs and choose the right policy.
Key factors to consider when purchasing life insurance include the type of policy, death benefit amount, premiums, cash value accumulation etc. Empire Fidelity Investments offers both permanent and temporary life insurance options to suit different requirements. Their products provide customized coverage, investment components and tax benefits as well. Read on to learn more about life insurance from Empire Fidelity Investments.
Types of life insurance policies offered by Empire Fidelity Investments
Empire Fidelity Investments provides an array of life insurance options including:
– Term life insurance – Provides death benefit coverage for a specified term ranging from 10 to 30 years. Premiums are lower compared to permanent life insurance.
– Whole life insurance – Offers lifetime coverage with premiums remaining same throughout. It has cash value that grows over time.
– Universal life insurance – Provides permanent coverage with flexible premiums that can be adjusted. Cash value grows tax deferred.
– Variable life insurance – Allows you to invest your cash value in a variety of investment subaccounts for potentially higher returns. Death benefit and cash value fluctuate based on performance.
– Variable universal life insurance – A universal policy with investment features allowing cash value to be invested in stocks, bonds etc.
– Survivorship or second-to-die life insurance – Covers two insureds and pays benefit after both have died. Useful for estate taxes.
Empire Fidelity Investments agents are qualified to explain the pros and cons of each policy in detail and recommend one optimized for your needs.
Key factors to evaluate when purchasing life insurance
Following are some of the important parameters to assess when buying life insurance coverage:
– Insurance amount – The death benefit or face amount of the policy should cover your family’s financial needs. Factor in income replacement, outstanding debts, future expenses for children’s education etc.
– Type of insurance – Choose between permanent and term life insurance based on whether you need lifelong coverage or coverage for a specific term.
– Premiums – The periodic premium amount payable on the policy. Opt for a premium you can comfortably afford.
– Cash value – Permanent life insurance policies build up a cash value that you can borrow against or withdraw. Consider policies with better cash value accumulation.
– Riders – Optional policy add-ons like disability coverage or long term care coverage for enhanced protection.
– Company reputation – Go with a financially stable provider like Empire Fidelity Investments known for strong customer service.
Discuss your budget, financial goals and specific insurance needs with Empire Fidelity Investment’s agents to decide on the ideal policy for your situation.
Benefits of buying life insurance from Empire Fidelity Investments
There are several advantages of purchasing life insurance from a leading provider such as Empire Fidelity Investments:
– Several policy options – Empire Fidelity Investments offers an extensive range of permanent and term insurance policies from top insurance carriers. This allows you to find a policy tailored to your budget and needs.
– Expert guidance – Their experienced insurance agents are qualified to explain policy details and ensure you understand the pros and cons clearly before making a decision.
– Policy customization – Many of their life insurance products allow you to customize the death benefit, premiums, riders etc. to build a plan per your financial situation.
– Strong financial strength – Empire Fidelity Investments has over 100 years of experience in the insurance industry. They have strong financial ratings and ability to deliver claims payout.
– Customer support – Empire Fidelity Investments is known for its stellar service. You can reach out to their support team anytime for policy related queries or assistance.
Overall, Empire Fidelity Investments makes it convenient, transparent and hassle-free for you to shop for the right life insurance coverage.
Why life insurance is a crucial component of financial planning
Below are some key reasons why life insurance is an essential part of one’s financial plan:
– Income replacement – Life insurance proceeds help replace lost income so your family can maintain their standard of living despite your absence.
– Pay off debts – The lump sum payout from insurance can be utilized to clear off mortgages, loans, credit card dues etc. so your family has one less thing to worry about.
– Child’s education – Funds from insurance can be used to pay for your children’s higher education expenses even in your absence.
– Spousal needs – Your spouse may need to take time off work or hire additional help due to your unexpected death. Insurance money can cover such needs.
– Estate taxes – Life insurance can provide liquidity to pay high estate taxes so your heirs are not left with a diminished inheritance.
– Funeral costs – Life insurance can pay for expensive funeral and burial costs so your family is not burdened during the difficult time.
Since life insurance protects your family’s financial future, it is a key component of a comprehensive financial plan.
How to determine the right life insurance amount
Choosing the appropriate life insurance coverage amount is crucial. Here are some tips to arrive at the ideal figure:
– Calculate total family expenses including household costs, outstanding debts, children’s education costs, spouse’s income deficit if any etc. This gives a fair estimate of the required coverage.
– Factor in long term needs such as retirement planning, estate planning etc. A higher amount accounts for increasing future costs.
– Use online insurance calculators that help determine insurance needs based on current age, income, financial liabilities etc.
– Seek professional advice from Empire Fidelity Investment’s agents who can review your finances and suggest the right insurance amount.
– Consider getting enough coverage so your family can maintain current lifestyle without financial constraints. Also account for future needs.
– Avoid under-insuring yourself just to save on premiums. This can leave your family vulnerable.
– Re-evaluate your insurance needs whenever there is a major life event and adjust coverage as needed.
With Empire Fidelity Investment’s expertise, you can arrive at an optimal life insurance amount providing your heirs comprehensive financial security.
To conclude, Empire Fidelity Investments offers a diverse range of permanent and term life insurance policies to choose from. Their experienced agents provide guidance to select a plan aligned with your budget and needs. Key factors to evaluate include type of policy, insurance amount, premiums, cash value and riders among others. Life insurance is a vital component of financial planning to secure your family’s future. Partnering with a reputable provider like Empire Fidelity Investments helps ensure your loved ones are protected financially through life’s uncertainties.