As your financial responsibilities decrease, your need for insurance protection will decrease, too. Your financial advisor can show you how applying a layered approach to your insurance coverage will allow you to shift some of the dollars you were previously allocating to insurance into long-term savings, when the time is right.
Earlier on in your family’s life you will probably find that your need for insurance protection is greater than your need for retirement savings. Your focus, at the moment, is on paying off your mortgage and saving for your children’s post-secondary education. As your needs evolve, your financial advisor can show you how a layered insurance solution will evolve right along with you.
Your advisor can combine term insurance products from Transamerica to create a solution that will give you the right mix of protection and savings at a price you can afford. By combining Term10, Term20 and Term30 insurance, your insurance protection will mirror your needs throughout your life while allowing you to focus on your savings when the time is right.
If you choose to pay now and save later, your advisor will put together a layered insurance solution that provides you with the protection you need for 30 years. On top of that, you will have added a little more protection for the first 20 years and even more for the first 10 years, when your need for protection is the greatest. After 10 years, your mortgage may be paid off. After 20 years the kids will most likely be done with school and you will be left with the basic protection you need for the remainder of the 30-year term only.
This used to be a tricky question that required a lot of charts and graphs and endless questions but not anymore. Now there’s LifeScripter® from Transamerica. Whether you are focused on saving for your future or paying down your debt…or both, LifeScripter can find the right solution for you.
The online LifeScripter tool from Transamerica lets you quickly and easily find out exactly how much coverage you need – now and for the future. On your own, or with the help of your advisor, simply answer a few questions and LifeScripter will analyze your needs and create a solution just for you. This solution can be used as the basis for discussions with your advisor about the right mix of products to best meet your needs.
In a word, yes. Like doctors, lawyers and other professionals, a financial advisor is a highly skilled and well-trained licensed professional. You can expect a financial advisor to make your individual financial interests a top priority, from helping you to understand how much insurance you need to finding the right products to meet those needs. Prior to your initial meeting, your financial advisor may recommend that you use an online tool like LifeScripter which will provide a starting point for your discussions.
Use this interactive tool to learn how much protection you need at every stage of life.
Combine term and/or universal life insurance from Transamerica for flexibility, competitive rates and great value.
Use life insurance products as a solution to many of life’s financial concerns.
Other topics in this section: Products and Solutions
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