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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 2025
Is Life Insurance Optional?
Everyone hopes to live a long and healthy life. But the fact is, there are no guarantees. Would your family or business survive financially if you died suddenly or your company lost a key employee? Life insurance is designed to provide for families or businesses if the unexpected happens. Life insurance protects your family or business by offering a cash benefit upon the death of the insured. Consider these key reasons for purchasing life insurance.
For Individuals
Life insurance can be used to:- Cover funeral and burial expenses. The basic funeral cost averages $10,495.* Life insurance proceeds can be used to cover expenses, leaving more of your assets intact for your family.
- Replace income. Proceeds can help your family maintain its standard of living afer the loss of your income.
- Pay for your children's college educations. With one less income, saving for college may be difficult for your spouse.
- Eliminate debt. Your spouse can use the benefit to pay off a mortgage or settle other debts.
- Consider purchasing a life insurance policy on a non-working spouse as well. If your spouse dies, the proceeds can pay for services such as child care and housekeeping.
For Business Owners
Life insurance is a funding tool that has many applications for small business owners. The proceeds can be used to:- Provide cash to help compensate for losses incurred due to the unexpected death of a key employee. The death benefit could also be used to buy out a deceased partner's interests or train a new employee.
- Attract and retain key employees with deferred compensation that's funded with life insurance.
- Provide cash to equalize an inheritance when leaving your business to one of your children.
- Fund an executive bonus plan in which the company compensates key executives for life insurance premiums and tax liabilities, enabling the valued employee to own additional life insurance.
If your business has several key employees, you might save money by purchasing a first-to-die policy. The policy covers the first person to die, then remains in effect to cover another key employee. Although the policy provides coverage to several employees, the premiums reflect that only one person at a time is covered.
*National Funeral Directors Association, 2025
752220
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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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