A mortgage replacement plan is utilizing a life insurance policy designed specifically to pay off your mortgage in the event of an untimely death. With this plan, you can ensure that your family won’t have to worry about making large monthly payments or ending up out on the street.

We have a solution that helps you design your own Mortgage Replacement plan. These plans are easy to set up and can be tailored specifically for your needs. You choose how much coverage you need, when it kicks in, and how much money gets paid out upon death. Our process also allows you to customize your coverage so that it fits your budget and provides your loved ones with the peace of mind they need if something happens..

To read more about this concept click here. If you want to see how this could fit your situation, we have created an easy solution for you to determine how much life insurance you will need to replace your income, and then you can customize and apply for coverage. You can do all of this in less than 10 minutes.

College. A four-letter word that can strike fear and dread into the heart of any parent. How will you pay for it? What if something happens to you before your child is ready to go to college? The most cost-efficient answer is a term life insurance plan, which is designed to provide peace of mind for you and your family in the event of an unexpected tragedy.  

An emergency fund is exactly what it sounds like; money stashed away that can be used in times of financial distress and is typically equal to 3 – 6 months of income. The purpose of an emergency fund is to improve financial security by creating a safety net that can be used for unanticipated expenses, or sudden life changes.  It’s not something that should be used lightly because according to The Fed, between retirement and savings, most 35-44 yr olds only have around $39,000 saved up.  That means if you or your spouse died unexpectedly, your family could use up all of their savings, including retirement, just to keep on their feet.  Term life insurance is an excellent source for emergency fund planning should the unexpected happen.  For just pennies on the dollar, you can provide some breathing room for your loved ones as they grieve and get back on their feet.

A specific bequest is when an individual identifies in their will which item or asset they want to leave to each beneficiary. This could include jewelry, art, money, real estate and other tangible items. It also includes intangible items such as patents, royalties, copyrights and even digital assets such as domain names or social media accounts. To further clarify – if you have three children, you can specify which item or asset goes to which one of them by using the language of “specific bequests” in your will or trust document. This allows for clarity and avoids any potential confusion about who receives what after you are gone. Life insurance can be a welcomed part of specific bequests in situations where not every child or grandchild can receive an item to specifically give to them.

It’s important to consider that not everyone has the luxury of being able to purchase a life insurance policy later in life due to medical issues or age-related restrictions. Term life policies offer an easy solution through their conversion privilege: as long as the policyholder converts before their term expires (typically 10-30 years), they can convert their existing policy into a permanent one without undergoing another medical exam—even if their health has declined since taking out the original policy! As such, even if someone develops a condition that would otherwise disqualify them from buying any kind of coverage later in life, they can still get some peace of mind knowing that they have locked in coverage during their younger years. This conversion privilege typically allows you to convert what you can afford vs requiring the full policy to convert.

In addition to this, you can also buy Child Insurance Riders to cover your children under the same life insurance policy as you. This rider allows your child to convert their coverage up to 5x what you provided, sometimes more. No one likes to think of the insurability of your children being a potential issue, but it is becoming more common.

Losing a spouse is one of the most difficult experiences anyone can go through. It can be emotionally and financially devastating, especially when it happens suddenly and unexpectedly. One of the biggest financial impacts of a spouse’s untimely death is on the retirement plans of the surviving spouse.  A few things you can expect to be adversely affected in retirement plans when a spouse dies:

1. 1. Loss of matching 401k or retirement contributions
   2. Loss of health or other benefits
   3. Loss of income funding other retirement plans

A properly structured life insurance plan can provide the funding necessary to fill in the gap between what you wanted to do for retirement and where you are currently in your retirement savings.

Special needs trusts don’t typically buy life insurance policies. However, a trust is often the beneficiary of a policy. Parents set up a trust to hold assets and help pay for their child’s lifetime care after they are gone. Then, the parents designate the trust as the beneficiary of their life insurance policy.

Setting up a special needs trust doesn’t generally involve buying a separate life insurance policy for your child with disabilities since doing so could potentially reduce or eliminate government benefits they were receiving at the time of your passing—which defeats the very purpose of creating an SNT in the first place! However, designating your existing policy as a beneficiary of your special needs trust is often recommended since it allows those death benefit payments to pass directly into your trust where they can be used to cover any additional care costs in accordance with its terms without any delay due to probate proceedings. That way everyone wins!

At the end of the day, having life insurance provides peace of mind knowing that if something were to happen to you, your family would be taken care of financially. That alone makes it worth investing in a good policy—because nobody wants their loved ones left with debt or financial strain after they’re gone! 

Going through a divorce is emotionally draining, to say the least—but don’t forget that it also involves some practicalities too. One of them? Updating your life insurance policy so that you and your former partner are both properly covered in the event of any unfortunate happenings. This is an important part of helping make one or both spouses whole if the unexpected happens, but more importantly, if you have kids it helps keep them whole if the unexpected happens.  This often requires a new policy on one or both spouses to fully complete, but it doesn’t mean you need to cancel your old policy.  

For many couples who enter into their second marriage, life insurance can provide peace of mind knowing that their partner will be taken care of if something were to happen to them. But what about if either of you has kids from your first marriage? It’s especially important if one partner has children from a previous relationship that you consider thoughtfully providing enough life insurance to help ease any potential tension with the new relationship (especially if they are older children). Life insurance can help ensure that your new spouse and any kids brought into the new family have their future taken care of in case of any unexpected circumstances.

Life insurance gives you peace of mind knowing that if something happens to you, your family will be taken care of financially for years to come. And this holds especially true for foster families. Since fostering can often involve taking on several children at once, a financial cushion can make all the difference in providing them with stability and security in an uncertain time. This allows your surviving spouse or sometimes adult children to be in a position to continue providing the love and care needed for the kids you take care of.

Additionally,  life insurance also provides coverage for critical illnesses like cancer and stroke, which could really come in handy if you had an unexpected event.  You can also add disability income coverage to your life insurance which would provide some income to make sure you can pay your mortgage or grocery bills or more if you become disabled. These types of coverage would allow you to focus on their recovery without worrying about how you will afford medical bills or lost wages due to missed work. 

Having life insurance in place can give adoptive parents peace of mind knowing that their child will be taken care of if something happens to them. It allows parents to prepare for any eventuality, ensuring that their child will have the financial security they need if something happened to the primary breadwinner in the family. Additionally, having a life insurance policy can help adoptive families cover legal fees associated with adoption or guardianship proceedings in case something happens to them before they are finalized. 

In addition to providing financial security, there are other benefits that come with having a life insurance policy as an adoptive family. First and foremost, it helps protect your adopted child’s rights and interests should something happen to you or your partner. Having a solid plan in place can ensure that your adopted child will receive all the benefits they are entitled to under the law should something happen. It also provides assurance that your child will be taken care of financially after you’re gone; this can be especially helpful if you don’t have other family members who can step in and provide support. 

Life insurance provides financial security in case something happens to the primary caregiver—in this case, you. It ensures that if something were to happen to you, your grandchild would still have access to financial support. That’s especially important if your grandchild isn’t able to rely on their parents due to a variety of circumstances (for instance, if they are incarcerated or unable to provide). 

Another benefit of having life insurance when you’re raising a grandchild is that it can help cover costs associated with medical bills and other expenses related to their well-being. And no matter how old your grandchildren are, life insurance offers peace of mind knowing that they will be taken care of financially should something happen to you. 

As a parent, it’s your job to protect your kids from the world and make sure they have everything they need. But what about when you’re not around? Recently, life insurance companies have started offering policies specifically tailored for families with two dads. These policies are designed to provide children with financial security in the event of something happening to one—or both—of their parents.

Life insurance to protect your kids is important because it helps provide financial stability for them in the future. It can pay for education expenses or medical bills, or even just provide an extra cushion of protection as they grow older. This type of policy also lets your children know that they are taken care of and loved, even if one or both parents pass away before they become adults.

It may seem strange that you need life insurance for your children when they are still young, but life insurance provides peace of mind in case something happens to one or both of the parents. It ensures that their financial needs—from healthcare costs to education funds—are taken care of if one or both of the parents pass away. Additionally, life insurance can also provide an inheritance if both parents die prematurely.

For families with two moms, life insurance companies today recognize same-sex partners as legal spouses – even those living in states where same-sex marriage is not legally recognized—are given equal protection when it comes to life insurance.

Do you remember the saying, “Nothing is guaranteed but death and taxes”?  When it comes to estate planning, many people may think they don’t have enough money to worry about estate planning or how to best leave behind an inheritance for their loved ones. What many don’t consider is the tax implications of those inheritances. This can be particularly important in states with high estate taxes—like Hawaii and Washington—where the top rate of taxation on estates is 20%.  While not every state has an Inheritance or Estate tax, around 16 states do.  And in some states taxation begins on every dollar above $1,000,000.  Life insurance can help you smartly plan for this expense.

Federal estate taxes are taxes imposed on an individual’s assets at the time of their death. Assets can include anything from a car to real estate to investments. When these assets exceed certain amounts, they can be subject to federal estate tax at the time of death (or upon transfer). The amount of tax owed depends on how much value is transferred over the lifetime exclusion amount or “exemption” ($12.06 million per spouse in 2022). The exemption increases each year based on inflation, so if you have more than $12.06 million in assets, you may be subject to federal estate taxes (and your beneficiaries only have 9 months to come up with the money).  The estate tax exemption also changes at or near the expiration of limits set by congress, the next round of changes are scheduled for 2025 and could bring significant change.  Life Insurance provides an affordable way to offset some or all of these taxes to your family.

When someone dies, they may still have income that was earned or accrued prior to their death. This income would be included on their final tax return and known as “income in respect of a decedent (IRD).” It includes wages, pensions, Social Security benefits, annuities, investments, and other forms of income. IRD must be reported on the deceased person’s final tax return unless it has already been included on previous returns.  Life insurance can provide the needed funds to cover this final tax return.

Using term insurance to cover burial and final expenses is an affordable way to provide protection for yourself or a loved one in the event of death. This type of life insurance can cover the cost of funeral homes, burial expenses, medical bills, and other final expenses when you die. For example, the life insurance company pays a surviving spouse a death benefit which can be used for preparation, memorials, paying for a funeral, making arrangements for cremation and more.

Life insurance policies offer death benefits that can be used to create an estate. These benefits are paid out upon the death of the insured person, usually with tax advantages. This means that if you were to die while holding a life insurance policy, your beneficiaries would receive a large sum of money (minus any fees). This money can then be used to create an estate for your family members or beneficiaries. It’s that simple.