Knox Grove Financial, LLC.’s Post

More than 102 million Americans (42%) say they need life insurance or more of it, with many hesitant to purchase a policy due to a lack of understanding, according to the 2024 Insurance Barometer Study by Life Happens and LIMRA. While many Americans have a decent understanding of key life insurance principles, nearly 6 in 10 either do not have coverage (approximately 50-60%) or do not know if they have coverage (approximately 9%) according to new research from Corebridge Financial. Please contact me at 877-304-7727 or Rob.Kimble@prudential.com to review your current policy or discuss life insurance options for you and your family. Life insurance is issued by The Prudential Insurance Company of America, Newark, NJ, and its affiliates. Guarantees are based on the claims-paying ability of the issuing insurance company.

Term and permanent life insurance are two main types of life insurance policies, each with unique features designed to meet different needs. 1. Term Life Insurance Duration: Provides coverage for a specific period (usually 10, 20, or 30 years). Premiums: Generally lower premiums compared to permanent insurance because it only offers coverage for a limited time. Death Benefit: Pays a death benefit only if the insured person dies within the term. No Cash Value: These policies do not accumulate cash value; they’re purely for the death benefit. Best For: Individuals seeking affordable coverage for specific needs, like replacing income during child-rearing years or paying off a mortgage. 2. Permanent Life Insurance Duration: Lasts for the insured's entire life as long as premiums are paid. Premiums: Higher premiums, but part of the premium goes into a cash value component that grows over time. Death Benefit and Cash Value: Provides both a death benefit and a cash value, which can be borrowed against or withdrawn (although this might reduce the death benefit). Types: Includes whole life, universal life, and variable life insurance, each with varying degrees of flexibility and investment options. Best For: Those looking for lifelong coverage, a financial asset with growth potential, or options to access cash value. Choosing Between Term and Permanent Budget: Term insurance is generally more affordable, making it ideal if budget is a concern. Coverage Needs: Term is suited for temporary needs, while permanent is ideal for lifelong needs, estate planning, or wealth transfer. Investment Potential: Permanent policies can provide a tax-deferred savings component, which may appeal to those looking for investment options in addition to insurance. Both types of insurance have their benefits, and the choice often depends on individual goals, budget, and the specific role life insurance will play in one’s financial plan. #terminnsurance #permanentlifeinsurance #protection #savings #budgeting #investment #peaceofmind For better understanding contact me.

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Family Life Insurance Planning -- Insurance for "If" and "When" -- Building a Life Insurance Portfolio https://buff.ly/3KRxJZz #LifeInsurance #FinancialProtection #RetirementPlanning #FinancialSecurity #TermInsurance

September is Life Insurance Awareness Month—a good reminder to review your coverage. Life insurance helps protect your loved ones, offering financial security when it matters most. With State Farm’s range of options, you can find a plan that fits your needs. If you have any questions, State Farm is here to help guide you. #StateFarm

Family Life Insurance Planning -- Insurance for "If I Die" and for "When I Die" -- Building a Life Insurance Portfolio https://buff.ly/3KRxJZz #LifeInsurance #FinancialProtection #RetirementPlanning #FinancialSecurity #TermInsurance

Great high-level review of Life Insurance planning for 2025!

Did some of your temporary obligation became much more permanent? Whether it’s a growing child, aging parents, or business partnership. Something you need protection or liquidity beyond just the 10, 20 year mark. Consider permanent life insurance to truly protect the ones (or causes) that you love for the entirety of your life!

Check out my recent collaboration with @Joseph Bragdon, CFA®, and @Ben Kronish from Financial Architects Partners. In our latest article, we explore the strategic role of life insurance in estate planning for high-net-worth individuals and families. We delve into how life insurance can provide critical liquidity for estate taxes and support specific financial objectives. This often-underestimated tool can enhance overall wealth preservation strategies. I invite you to read our insights and consider how these principles might apply to your estate planning framework.

If you have term life insurance, it may be time to consider converting to a permanent life-insurance policy. It delivers more than just protection! Read about the many benefits of permanent life insurance and why you should consider it right now. https://lnkd.in/gtB8g63y