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Life Insurance

Are you and your family financially protected in the event you can no longer provide? Life insurance can ensure your loved ones will be taken care of.


Life insurance policies are something many people consider throughout their lives as part of their long-term financial plans for themselves and their loved ones. Leaving behind additional support to help cover expenses or ease the road for someone is something most people strive for and purchasing a life insurance policy is one of the ways to do it. 


However, they are not one-size-fits-all, and several aspects must be considered. A financial advisor at The Kelley Financial Group can be the support needed to make the right choice in such a critical matter. 

What Is Life Insurance?

In short, life insurance is a financial arrangement between a policyholder and an insurance company that can provide funds after a person’s death. It is designed to provide a payout to a named beneficiary within set contract terms, which vary from case to case.


Life insurance is a central part of long-term financial planning and smart preparation to defend loved ones against financial hardship in the event of an unexpected death.


The Kelley Financial Group has years of experience in guiding businesses and individuals through complex financial matters.

Who Should Consider Taking Out a Life Insurance Policy?

Anyone can take out a life insurance policy at any time, although it tends to be something people think about more as they get older. The truth is that life is unpredictable, so it is beneficial to have a policy in place sooner rather than later. Even a basic policy can provide some financial relief after a person’s passing. 


People who should seriously consider purchasing life insurance include:


  • Couples where one individual could not continue to live at the same standard if the other were to die

  • Families who want to ensure enough money is left to support the children

  • Someone who has debt or loans and does not want to risk passing the burden along to their relatives

  • People who work in high-risk jobs or have extreme hobbies that could increase their chances of an untimely death

  • Self-employed people or those who work in family-run businesses

  • Anyone with someone who depends on them financially- be it aging parents, minors, or a partner


Age is only one factor and often not the weightiest one. A young parent working a dangerous job could be far more in need of a life insurance policy than someone in their 70s who is retired with savings and no dependents. 


Although there is nobody who specifically does not need life insurance, people with sufficient funds to support their loved ones after their death through savings, trusts, and their general estate may not feel the benefit of one. 

What Does Life Insurance Cover?

In most cases, a life insurance policy provides funds in the event of the policy holder’s death, but some allow access to funds while the principal is still alive. Exact agreements vary, and the exact amount depends on the policy details. 


The idea is that money from the policy can cover expenses, including funeral arrangements, burial costs, debt repayments, and mortgage payoffs. If a person takes out a larger policy, it can also be left as an inheritance to be used as needed. 

Generally, policies are effective for any death, be it natural, accidental, or homicide. Some life insurance policies cover suicide, but some don’t. Before purchasing any policy- it is wise to explore the entire terms and conditions. There are many ins and out to stipulate the terms of fund release to beneficiaries, with some being far more complicated than others. Consult with an advisor at The Kelley Financial Group with expertise in life insurance to help verify that nothing gets missed. 

Things to Consider About Life Insurance

Before taking out a policy, a person should consider the following:


  • How much coverage is required?

  • What costs are involved?

  • Who should be named the beneficiary?

  • Are there any additions to a core policy that should be added?

  • What type of life insurance policy is correct for their purposes?

Types of Life Insurance Policies

There are many varieties of life insurance policies, but most can be categorized into two main types: term life or permanent life policies. 


A term life policy extends for a certain time- usually 15, 20, or 30 years, and can be extended with additional premiums. When a term life policy expires, no payout is made, so it is important to extend on time to avoid losing the benefits. Some people choose not to update them if the need for coverage no longer applies. They are generally the more affordable policy option. 


Permanent life policies have no end date and are usually more flexible in what they allow. Payments tend to be higher and, for some, are prohibitively expensive, but there are many options to consider.

Why Speak to an Advisor?

  • Life insurance is a complex issue and choosing the wrong policy can lead to trouble when the time comes.

  • Some policies are limited, while others cover all the bases. It can be difficult to understand the differences.

  • Insurance companies often promote the policies most beneficial to them- not the ones that necessarily best suit the client. A financial advisor has the person’s best interest in mind and guides them accordingly. 

  • There can be complications in taking out policies based on age, occupation, and health conditions. An advisor can assist and discuss the optimal course of action. 

  • Making such an important decision alone can be overwhelming. Having an outside party who can provide clear guidance can smooth the road. 

Contact The Kelley Financial Group Today for Personalized Advice and Guidance

Making the best financial planning decisions to support loved ones after we are gone is something that weighs heavily on many people’s minds. Understanding how life insurance works and what options there are can help ensure the correct policy choice and maximum benefit for the people left behind. 


The Kelley Financial Group is a professional and dedicated team of experts who care about clients and can help guide them through these complicated choices. Call today to arrange a consultation and begin successfully planning a life insurance policy that can make a difference. 


This material was prepared for The Kelley Financial Group’s use. 


​The opinions voiced in this article are for general information only and are not intended to provide specific advice or recommendations for any individual. To determine which strategies or investments may be suitable for you, consult the appropriate qualified professional prior to making a decision. 


This material contains only general descriptions and is not a solicitation to sell any insurance product or security, nor is it intended as any financial or tax advice. Guarantees are based on the claims paying ability of the issuing company. If you need more information or would like personal advice you should consult an insurance professional. You may also visit your state’s insurance department for more information.

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