Chris Hibbard's LTM E-Newsletter - September/October 2023 - As Your Life Changes, So Do Your Insurance Needs

Christopher R. Hibbard, ChFC^®, CRPC^®, CFS^®

Vice President, Wealth Management

Teachers Investment Services

Located at Teachers Federal Credit Union

5439 Sunrise Highway

Holbrook, NY 11741

Phone: 631-698-7000 Ext. 6020

Email: christopher.hibbard@lpl.com

CRPC conferred by College for Financial Planning.

September/October 2023

As Your Life Changes, So Do Your Insurance Needs

Successful businessman walking on a life rope

September has traditionally been designated as life insurance month to remind you to review any changes to your personal circumstances that might affect your life insurance* needs. Here are several events that could trigger a reassessment.

Tying the Knot

Even if you’re young and just starting out, you may make financial decisions based on the combined incomes of you and your spouse. If one spouse dies, life insurance can help ensure that the surviving spouse has enough money to maintain his or her current standard of living. Additionally, the cash value that accrues in a permanent life policy could be used in the future to pay off a mortgage or other debt.

Starting a Family

Life insurance proceeds can pay for clothing, daycare, college expenses, and many other costs of raising a child. Both parents should have coverage. If one parent dies, the remaining parent will have the funds needed to provide for the children. Single parents can also purchase a policy, naming a child as beneficiary and appointing a trustee to oversee the distribution of funds.

Protecting Your Business

If you own a business, you’ll want to ensure that the limits of your life insurance policy are sufficient to cover any business debts. Buying adequate coverage will prevent your family from having to liquidate assets to pay your creditors.

Help with Estate Planning

Life insurance proceeds can provide cash to pay medical bills, burial expenses and estate settlement costs. If you have a large estate, funds can be used to pay any estate taxes that are owed.

Your financial and life insurance professionals can help you select appropriate coverage for your needs and lifestyle.

*Applications for life insurance are subject to underwriting. No insurance coverage exists unless a policy is issued and the required premium to put it in force is paid. Accessing cash values may result in surrender fees and charges and may require additional premium payments to maintain coverage and will reduce the death benefit and policy values and may have tax consequences. Guarantees are based on the claims-paying ability of the issuer.

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Christopher Hibbard is a financial advisor with, and securities and advisory services are offered through LPL Financial (LPL), a registered investment advisor and broker-dealer (member FINRA/SIPC). Insurance products are offered through LPL or its licensed affiliates. Teachers Federal Credit Union (TFCU) and Teachers Investment Services are not registered as a broker/dealer or investment advisor. Registered representatives of LPL offer products and services using Teachers Investment Services, and may also be employees of TFCU. These products and services are being offered through LPL or its affiliates, which are separate entities from and not affiliates of, TFCU or Teachers Investment Services. Securities and insurance offered through LPL or its affiliates are:

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