Building a Secure Financial Future with Life Insurance at Duke’s Financial Fitness Week
As part of Duke University’s Financial Fitness Week, financial experts emphasize the crucial role of life insurance in achieving long-term financial security. Spearheaded by Lincoln Financial Group, the Duke Credit Union, and Social Security representatives, the week-long event highlights the comprehensive benefits of various life insurance products available to individuals and families.
Insights from Experts
The session titled “Life Insurance at Every Stage of Life” featured industry specialists who stressed the importance of life insurance beyond mere death benefits. “Life insurance is not just a safety net; it is a multifaceted tool that can aid in financial planning, retirement, and even business continuity,” said John Smith, a financial advisor from Lincoln Financial Group.
Benefits and Varieties of Life Insurance
Life insurance policies offer a range of benefits tailored to meet different needs at various life stages. Here are some noteworthy points covered during the session:
Business/Career Insurance
One aspect discussed was Business or Career Insurance. Life insurance can provide financial protection for business owners, ensuring that the business can continue operations in the event of an unexpected death of a key member. “For entrepreneurs, having a business insurance policy can mean the difference between the survival and the collapse of their enterprises,” noted Smith.
Retirement Insurance
Another major highlight was Retirement Insurance. Life insurance can act as a supplementary tool for retirement planning. “Many people aren’t aware that certain life insurance policies can build cash value over time, which can be accessed during retirement to supplement income,” explained Emily Turner, a specialist from Duke Credit Union.
Marriage/Divorce Insurance
Additionally, the experts touched upon Marriage and Divorce Insurance. “Life changes such as marriage or divorce necessitate reassessing one’s life insurance policy to ensure that it still meets new financial obligations,” Turner emphasized.
Other Aspects
Other forms of life insurance discussed included:
- Term Life Insurance
- Permanent Life Insurance
- Whole Life Insurance and its cash value benefits
- Universal Life Insurance, providing flexible premiums and death benefits
- Variable Life Insurance, suitable for those willing to take investment risks
Expert Recommendations
Experts recommend regular reviews of life insurance policies to ensure they align with current life circumstances. “It’s critical to evaluate your life insurance needs periodically, especially during major life events like having children, buying a house, or retirement,” Smith advised.
Conclusion
Duke’s Financial Fitness Week serves as a timely reminder of the pivotal role life insurance plays in financial planning. With experts from Lincoln Financial Group, the Duke Credit Union, and Social Security shedding light on its myriad benefits, attendees left with a better understanding of how life insurance can support them through various life stages.
For more detailed insights into various life insurance products, visit lifetimeinsurance.org.