NATIONAL LIFE INSURANCE DAY Understanding the Importance of Life Insurance
This year, National Life Insurance Day falls on May 2, which commemorates the time in the late 1760s when life insurance first became available in the United States and echoes the importance of carrying a life insurance policy. Some may ask why carrying a life insurance policy is a good idea, especially in retirement, and the answer lies in understanding how it can help you prepare for the long-term financial needs of yourself and your family. Life insurance is important if you are married with children, or have relatives, friends, or a partner who depend on you, because it provides a tax-free “death benefit” to the person whom you choose as your beneficiary. When you retire, many times you do not need life insurance to cover lost income because you now are relying on your retirement assets and other income sources to meet your goals. You are saving premiums this way; however, you may need to plan for a death benefit to replace a lost pension when a spouse passes away or to leave a tax-free legacy to your family. Life insurance can be essentially financial protection for your family when you pass away, but there are also some little-known benefits that are available to you while you are alive through living benefits such as those that pay for long-term care “LTC” or chronic illness expenses. Many policies now offer these “LTC” benefits that allow
you to use your death benefit tax free to pay for LTC expenses. Unlike traditional LTC insurance, this is not a “use it or lose it” policy. If you don’t use it for LTC, then your family would inherit the tax-free death benefit upon your passing. Another potentially great consideration is tax-free income via loans from your policy. This can be very beneficial to you for supplementing your lifestyle with tax-free income, especially in a rising tax environment. Of course, the “devil is in the details” of the policies and their wording, so give us a call to schedule your life insurance review for LTC and tax-free income options today.
Take a
Break!
ONE-PAN BAKED SALMON AND VEGGIES
Inspired by BBCGoodFood.com
INGREDIENTS
• 1 lb spring potatoes, halved • 2 tbsp olive oil (divided) • 8 asparagus spears, trimmed and halved
• 2 handfuls cherry tomatoes • 1 tbsp balsamic vinegar
• 2 5-oz salmon fillets • 1 handful fresh basil
DIRECTIONS
1. Preheat the oven to 400 F. 2. In an oven-proof dish, combine the potatoes and 1 tbsp olive oil. Roast for 20 minutes. 3. Remove the dish from the oven and add the asparagus. Toss, and bake for 15 more minutes. 4. Remove the dish from the oven and add the cherry tomatoes. Toss. Drizzle with balsamic, then nestle the salmon fillets into the vegetables. Drizzle with the remaining oil, and bake for 10–15 minutes. 5. Remove the dish from the oven, garnish with basil leaves, and serve!
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