Life Insurance

Protect Your Family’s Future with the Right Life Insurance in Utica & CNY

Don’t leave the future of your loved ones to chance. Having the right life insurance is pivotal in planning for the future of you and your loved ones. Life insurance can help you fulfill promises you’ve made to your family when you are gone.

Scalzo, Zogby, & Wittig, Inc. can help you find the right life insurance policy for you and help ensure that your policy continually meets your needs. Contact us today to get started.

Life Changes — So Should Your Policy

The right life insurance policy will be unique for you and dependent on your personal and financial needs.

As your life changes, your life insurance coverage may need to change in order to adapt to your current needs.

Some life transformations that may require a policy tune-up? include the following:

• Recently married or divorced
• Welcomed a new child or grandchild
• Opened or expanded a business
• Health changes (yours or your spouses’s)
• Providing care or financial assistance to a parent
• A child or grandchild requires assistance or long-term care
• Purchased a new home
• Planning for a child or grandchild’s education
• Concerned about retirement income
• Refinanced your home mortgage in the past six months
• Received an inheritance
• Have a sizable estate

Common Types of Life Insurance

There are several different types of life insurance policies available — the most common include the following:

• Term Life Insurance
  Term life insurance offers coverage for a specified period, making it an ideal option if you’re new to life insurance. it’s typically more affordable than whole life insurance and comes in various terms, from one-year (annual renewable) to 20-year (level term) options. Additionally, term life insurance can often be converted to permanent coverage, offering flexibility as your needs evolve.
• Whole Life Insurance
  Whole life insurance is permanent coverage that lasts a lifetime as long as premiums are paid. In addition to providing lifelong protection, many whole life policies also build cash value over time, making it a potential investment opportunity.
• Universal Life Insurance
  Universal life insurance is permanent coverage with flexible premiums, face amounts, and an unbundled pricing structure. It can build cash value, which earns interest that may adjust periodically but is generally guaranteed to never fall below a set minimum.

Advantages of Life Insurance

Life insurance offers peace of mind for your family after you’re gone, and many policies also provide benefits and investment opportunities you can use during your lifetime.

Advantages of the life insurance death benefit: When you pass away, your life insurance provides income tax-free funds to your beneficiaries, which can cover funeral expenses, debt, tuition, estate taxes, and other financial needs. Additionally, it can offer businesses security by enabling partners to buy out the deceased partner’s share, preventing forced liquidation.

Advantages of Living Benefits: The cash value growth of a whole life insurance policy is tax-deferred, meaning you only pay taxes on it when withdrawn. You can also take loans or withdrawals from the cash value to help with expenses like college tuition or home down payment.

The right life insurance coverage for each and every one of our neighbors in the Utica area is unique — talk with the Scalzo, Zogby, & Wittig, Inc. team today to find out how to protect your family and your future with the right life insurance.