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Life Insurance

Many financial experts consider life insurance to be the cornerstone of sound financial planning. It is generally a cost-effective way to provide for your loved ones after you are gone.

Why Buy Life Insurance?

It can be an important tool in the following ways:

1. Income replacement - For most people, their most important asset is their ability to earn a living. If you have dependents, then you need to consider what would happen to them if they no longer have your income to rely on. Proceeds from a life insurance policy can also help supplement retirement income; this can be especially useful if the benefits of your surviving spouse will be reduced after your death.

2. Pay outstanding debts and long-term obligations - Additionally, life insurance can be used so that your loved ones have the money to offset funeral expenses, credit card debts and medical expenses not covered by health insurance. Furthermore, life insurance can be used to pay off the mortgage, and help pay college tuition.

3. Estate planning The proceeds of a life insurance policy can be structured to pay estate taxes so that your heirs will not have to liquidate other assets.

4. Charitable contributions If you have a favorite charity, you can designate some of the proceeds from your life insurance to go to this organization.

5. Final Expense

None of us like to think about how our family will cover the significant costs associated with a funeral at a moment’s notice. Final Expense Insurance is one of the life insurance products that your family can use to help cover those costs.

How Much Life Insurance Do I Need?

To decide how much life insurance to buy, you need to first determine what your goals are for purchasing this coverage. Ask yourself the following:

  • Do I want to spare my loved ones funeral costs and outstanding debts?

  • Am I concerned that my spouse will be unable to continue to pay off the mortgage if I die suddenly?

  • Do I have dependents who count on my income?

  • Do I have enough savings to ensure my child(ren) can attend college, or retirement savings for my spouse, if I die suddenly?

While all situations are different, here are two scenarios to help you think through the questions you should pose to your insurance professional:


If you have children, a spouse who does not work outside the home, or aging parents who you financially support, you have dependents. Alternatively, you may simply have a spouse, who would be unable to pay the mortgage

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There are two types of Life Insurance:

  • Term Life Insurance offers simple, affordable coverage for a set time period, typically 10 to 30 years.

  • Permanent Life Insurance offers coverage for your lifetime with the potential to build equity in the form of cash value and options for more flexibility.

Many people find that a combination of both types of life insurance helps them meet both immediate needs and long-term goals.

Term Life Insurance is often the most affordable coverage because it offers protection for a specific number of years. You may want to purchase a Term Life Insurance policy if you want to:

  • Get maximum coverage at an affordable price.
  • Cover specific financial responsibilities

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We recommend reviewing all your insurance needs at least once a year.  If you have a major life change, you should contact us immediately.  Life changes may include:

  • Marriage or divorce

  • A child or grandchild who is born or adopted

  • Significant changes in your health or that of your spouse/domestic partner

  • Taking on the financial responsibility of an aging parent

  • Purchasing a new home

  • Refinancing your home

  • Coming into an inheritance

Richard C. Ahern Insurance represents more than 30 highly rated insurance companies, each offering Term Life Insurance and Permanent Life Insurance.

Please contact us for more information or to request a free quote today.