Since 2007, financial planning advisor Robert Gill has served a diverse clientele from his brokerage firm Epic Wealth Management based in Red Bank, New Jersey. As the firm’s president, Robert Gill oversees hundreds of business and private financial portfolios and educates clients on financial products, including life insurance options.
To protect their dependents from incurring financial liabilities after their death, many people obtain life insurance policies. Experts advise that insurance policies should provide at least seven times the policyholder’s annual salary to fully protect their families and cover most expenses.
Life insurance can be purchased with time-limited or permanent coverage terms. Term life insurance offers death benefits for policy periods ranging between 10 and 30 years. The low cost of these plans make them a suitable option for people in good health seeking temporary coverage with a fixed monthly rate.
On the other hand, older people or people with a family history of serious illnesses may benefit from a permanent life insurance policy. While more expensive, policyholders do not have to worry about coverage gaps due to being denied term insurance. Additionally, many permanent policies include a cash value that earns a rate of return that may offset inflation.