Sometimes we take for granted the beautiful area we live in. With this warm weather hopefully here to stay Bucci Insurance encourages you to get out in Rhode Island and enjoy everything it has to offer! Staying active can even reduce your life insurance costs!

A recent study found that 25.8 percent of children in the U.S. are being raised by a single parent, compared with an average of 14.9 percent across the other 17 industrialized nations studied.

Despite the fact that 35.8 percent of single parents are employed, the poverty rate among the group is high. So, it is highly unlikely that many of these parents have a life insurance policy to protect their loved ones.

Life insurance is important for dual-income families, but it’s doubly important for a single-income parent. The loss of a single parent represents a 100 percent loss of income for the child–a devastating blow to the child’s future welfare.

A single parent living paycheck-to-paycheck can afford life insurance. The Insurance Information Institute reports that a relatively healthy 40-year-old non-smoker can purchase $500,000 in term life insurance for roughly $30 per month.

If you’re a single parent who lacks life insurance, protect your family with coverage you can afford.

Avoid stress, be optimistic, retire early, hit the gym and you’ll thrive, right? Nope. New research has discovered that a long career of hard work, not relaxation, is the key to a long and successful life.

As you watch the value of your property, home or retirement investment savings struggle in the current economy, you may be wondering about ways to protect your family in the event of an unforeseen event. One option you may not have considered is the purchase of a whole life insurance policy.

It may not be something you’d automatically turn to, but whole life insurance offers guaranteed death benefit protection in addition to multiple tax advantages and flexibility. Owning a whole life policy can be a great financial alternative, not only for the protection of your loved ones but also a financial option for your living needs.

Invest in Your Loved Ones

The primary promise of life insurance, of course, is that your loved ones will be protected in the event of your death. And with a whole life policy, your death benefit is guaranteed,¹ whether the payout comes in a matter of years or decades. This is an investment that provides protection in the long-term interests of those you care for most, as well as your own peace of mind.

Invest in Your Future

But, what you may not know is that a whole life insurance policy is much more than protection against the unknown. It also provides you with tax-deferred cash value that accumulates over time. In the event of sudden unforeseen or happily anticipated expenses, it provides a readily available source of funds. And in the long run, it can also supplement your retirement income.^2,3

Any kind of financial strategy these days seems fraught with uncertainty, so it’s important to consider carefully what vehicles work best for your own circumstances.

This educational third-party article is being provided as a courtesy by Bucci Insurance. To learn more about the information or topics discussed, please contact us at 401-558-0101.

¹Guarantees backed by the claim-paying ability of the issuer.

²If your life insurance policy is paid up and your need for a death benefit decreases.

³Loans against your policy accrue interest and decrease the death benefit and cash value by the amount of the outstanding loan and interest; withdrawals reduce the available death benefit.

Critical decisions, such as buying a home, getting married or having children, require deliberate, thoughtful consideration. Indeed, the outcome of any one of these decisions can irrevocably change your life for better or worse. But, delaying the purchase of life insurance can be a costly mistake for you and your loved ones. Waiting just a few years can have a negative impact on several key areas of a life insurance policy.

Whole Life Insurance: Financial Protection Plus Cash Value Accumulation In its simplest form, whole life insurance protects the people who depend on you for financial support — no matter what happens to you tomorrow. Aside from providing money to your beneficiaries to replace your income, whole life insurance also offers guaranteed* cash value accumulation on a tax-deferred basis, as long as the policy remains in force. If available, cash value can be borrowed against to fund a child’s education, supplement your retirement income, or meet an emergency cash need. Remember, policy loans accrue interest at the current variable loan interest rate and reduce the total cash value and total death benefit by the amount of the outstanding loan and accrued loan interest.

The Effects of Waiting Since a portion of the premiums paid accumulates cash value each year, over the long term, cash value accumulation can be considerable, especially since taxes on the growth are deferred. Generally speaking, the sooner you start paying policy premiums, the faster your cash value may accumulate.

A whole life policy is also eligible to receive dividends, if and when declared by the insurance issuer. Unlike cash values, dividends are not guaranteed and are subject to change by the insurer. In addition, past dividends are not indicative of future dividends. As a policyholder, you have several options for dividends usage. You can take dividend distributions in cash or apply dividends to add insurance coverage through the purchase of paid-up additional life insurance. Paid-up insurance is also eligible for dividends, has cash value and requires no additional premiums. So, waiting in this case can cost you the opportunity to increase the benefit paid to your beneficiaries.

Although you’re healthy now, you decide to delay purchasing whole life insurance for five years. In five years, you may suffer an unexpected health condition, which may place your insurability in jeopardy. In the worst-case scenario, if you were to die in the next five years, the cost of waiting would be the death benefit your beneficiaries would not receive.

Remember, purchasing life insurance is a major decision. So, it’s important to take the time to gather all the necessary information and choose the coverage that best suits your needs. While the decision is up to you, keep in mind that postponing your decision can prove to be costly.

*Guarantees backed by the claims paying ability of the issuer.

This educational third-party article is being provided as a courtesy by Bucci Insurance. For additional information on the information or topics discussed, please contact Bucci Insurance at 401.558.0101.

For many, life insurance may be an odd concept to talk about it so, I am going to try and make this quick and painless. Here are six reasons why it’s beneficial to have it according to the I.I.I.:
1. Replace income for dependents

Are there people that rely on you for your income (i.e. child, spouse, or siblings)? If so, in the case that you pass away your income will be replaced and your loved ones will continue to be supported financially.

2. Pay final expenses

Life insurance can pay for funeral, burial costs, probate and other estate administration costs, debts and medical expenses not covered by health insurance.

3. Create an inheritance for your heirs

Buying life insurance and naming your heirs as beneficiaries creates an inheritance for them- even if you have no other assets to pass down.

4. Pay federal “death” taxes and state “death” taxes

Life insurance benefits can pay estate taxes so that your heirs will not have to liquidate other assets or take a smaller inheritance.

5. Make significant charitable

By making a charity the beneficiary of your life insurance, you can make a much larger contribution than if you donated the cash equivalent of the policy’s premiums.

6. Create a source of savings

Some types of life insurance create a cash value that, if not paid out as a death benefit, can be borrowed or withdrawn on the owner’s request. The interest credited is tax deferred (and tax exempt if the money is paid as a death claim).

If you have any questions regarding this topic, feel free to visit the Bucci Insurance website or call, 877.210.7159