Laser Focus World is an industry bedrock—first published in 1965 and still going strong. We publish original articles about cutting-edge advances in lasers, optics, photonics, sensors, and quantum technologies, as well as test and measurement, and the shift currently underway to usher in the photonic integrated circuits, optical interconnects, and copackaged electronics and photonics to deliver the speed and efficiency essential for data centers of the future.

Our 80,000 qualified print subscribers—and 130,000 12-month engaged online audience—trust us to dive in and provide original journalism you won’t find elsewhere covering key emerging areas such as laser-driven inertial confinement fusion, lasers in space, integrated photonics, chipscale lasers, LiDAR, metasurfaces, high-energy laser weaponry, photonic crystals, and quantum computing/sensors/communications. We cover the innovations driving these markets.

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Editorial Advisory Board

  • Professor Andrea M. Armani, University of Southern California
  • Ruti Ben-Shlomi, Ph.D., LightSolver
  • James Butler, Ph.D., Hamamatsu
  • Natalie Fardian-Melamed, Ph.D., Columbia University
  • Justin Sigley, Ph.D., AmeriCOM
  • Professor Birgit Stiller, Max Planck Institute for the Science of Light, and Leibniz University of Hannover
  • Professor Stephen Sweeney, University of Glasgow
  • Mohan Wang, Ph.D., University of Oxford
  • Professor Xuchen Wang, Harbin Engineering University
  • Professor Stefan Witte, Delft University of Technology

Why Life Insurance Should Be Part of Your Financial Plan

There are many strategies that make up a good financial plan. One strategy that can be essential is obtaining a life insurance policy. Some of the reasons why it’s important are that it provides your family financial security and may help you build wealth. Here’s why a life insurance policy should be a part of your financial plan and what types of policies you should consider.

Provides your family with financial security

Life insurance can help your family continue to be financially supported while dealing with the loss of your income. It’s often suggested that you should get a policy amount that’s at least 10 times your income.

Along with protecting your family from the loss of your income, a life insurance policy protects your family from your remaining debt. It can be used to cover your final medical expenses, car payments, student loans, and any other debt you have. The policy amount can also help take care of your children’s education by being used to pay for their future college tuition.

Allows you to build wealth

Whole life insurance policies allow you to accumulate cash value. The premiums you pay get split into three components. One part goes toward your death benefit, another portion goes to the insurer’s profits and operating costs, and the rest goes to the plan’s cash value. Over time, the cash value earns interest. It generally grows more in the early years and slows as you get older.

The money from your cash value can be used to supplement retirement income, take care of emergencies, or pay your premiums. Keep in mind that any cash value you don’t use at the time of your death goes back to your insurance company.

Types of life insurance policies to consider

The two main types of life insurance policies you can consider are term life and whole life insurance. Term life insurance is ideal for those who are looking for more affordable coverage. You also have a variety of options for how long your policy lasts. A policy that’s between one to five years may be best for those who want to cover short-term expenses, such as car payments or child tuition. If you need a policy that helps cover your mortgage, you can consider a policy with a 30-year term.

You’re also able to adjust your term life policy as your life circumstances change. For example, if you have children who have become self-sufficient, then you can choose to lower the policy amount.

A whole life policy can be ideal if you want to build up cash value or take care of final expenses. As mentioned before, whole life policies build up cash value over time that you can use however you need to.

There are multiple types of whole life policies that can benefit people in different stages of life. If you’re a senior, for example, one type of whole life insurance you might consider is final expense insurance. It’s designed to take care of your funeral costs and any other costs remaining after your death.

The bottom line

Life insurance is a great way to provide financial support for your family. From protecting your loved ones from loss of income in the event of your passing to helping you build wealth over time, a life policy can be an important part of your financial plan. Consider getting term or whole life insurance, and search for multiple quotes online to find a policy that works for your needs and budget.

Contact Information:

Name: Keyonda Goosby
Email: keyonda.goosby@iquanti.com
Job Title: PR Specialist

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