Income Protection

If others depend on your income, proper planning is a must and will avoid the financial devastation your loved ones may experience. A part of the plan should be the inclusion of life insurance. GPM Life can help you plan.

Protecting your family's future needs

Single income or double income household?

In either event, have you thought about what would happen if this income was no longer available? It would likely be devastating. Very few of us take time to think about what will happen if an income earner dies. It is not a happy thought, but necessary to ensure our loved ones are protected.

If others depend on your income proper planning is a must, and will remove the financial devastation your loved ones may experience. A part of the plan should be the inclusion of life insurance.

One income family: When the family’s main breadwinner dies, the survivors still have living expenses and possibly other debt. With a one income family it is essential that the main breadwinner have enough life insurance to cover the missing income.

And don’t forget the stay-at-home parent. Their time equates to an income that must be replaced to ensure a consistent level of care continues.

Two income family: If one of the income earners in a two income family dies, the amount of life insurance should be enough to supplement the remaining income for a determined length of time, enough to support a similar standard of living.

Life insurance is an invaluable way to protect the future income needs of your family. The benefits of a life insurance policy are paid to your beneficiary income tax-free*. If needed, your beneficiary can ask that the benefit be paid out over a specified period, providing a needed income stream.

It may surprise you, but life insurance costs much less than many think. LIMRA, a life insurance marketing research group, and Life Happens, a non-profit organization promoting insurance solutions, did a study in 2012 and found that consumers believe life insurance costs nearly three times the actual price.

^* GPM Life is not a tax advisor. We recommend that your financial planning include the advice of a tax professional.