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  • Who needs life insurance?

    While everyone's needs are different, if any of the items below describe you, then you should consider purchasing life insurance:

    • Single individuals with college loans
    • Young parents with children to support
    • Families with children who may one day attend college
    • Homeowners with a mortgage
    • Parents of children with special needs, who will require financial assistance into adulthood
    • High-net-worth individuals and families with sufficient assets to trigger estate taxes
    • Owners of a family business who want to pass the business on to children
    • Business owners with one or more partners who may need to be bought out
    • Business owners seeking tax advantages and enhanced benefit packages for themselves and  key employees
    • People who depend on their income or assets to provide themselves or their dependents with a comfortable lifestyle
    • People who make an enduring impact for generations to come by leaving the  proceeds of a life insurance policy to their beneficiaries or favorite charity
  • What cash and income needs will your family have if you die prematurely?

    As a lump sum, any death benefit will seem substantial. But as you weigh your decision, consider what it would take to replace your income over a period of years and/or how much it might cost to pay someone to  take over some of your household duties. If you are not there your family  may face a host of financial challenges, such as:

    • Your Final Expenses—funeral expenses, medical bills not covered by health insurance, estate settlement costs, estate taxes, etc.
    • Debt Repayment—mortgages, car loans, credit card debt, college loans, home improvement loans, etc.
    • Monthly Essentials—food, clothing, daycare, medical care, electricity, gasoline, taxes, etc.
    • Non-Essentials—cable TV, newspaper, children's activities, sports equipment, vacations, gifts, etc.
    • Education—tuition for private school and/or college
    • Emergencies and Other Major Expenses—unexpected illnesses, layoff of your working spouse, new roof, a child's braces, a child's wedding or an unexpected business opportunity
  • Will your other sources of income be enough?

    If you have saved and invested wisely, life insurance may not seem like a necessity. But will your savings be enough to sustain your loved ones over the years?

    Savings and Investments

    • Life insurance can ensure your family is protected without depleting long-term investments
    • As long as the policy is in force, the death benefit is guaranteed* to be there
    • If death takes away your income, the policy proceeds can replace it for your family
    • Regular permanent life insurance premium payments can result in increases in your death benefit and cash value.

    With variable life insurance, you can select from a wide variety of investment sub-accounts that cover a broad spectrum of investment styles. These top-name investment sub-account options are managed by well-known independent fund managers. Variable Universal life insurance policies are subject to market fluctuations, may lose value, and may require additional premium payment to keep the policy in force.

    *All guarantees are based upon the claim-paying ability of the issuer. You can rest assured knowing that Penn Mutual has been in business for more than 165 years, helping our financial professionals meet the life insurance and financial needs of their clients.

    Social Security

    Assuming the system stays solvent, you should be covered. However you may want to consider the following:

    • The benefits may fall short of what your family will need to maintain their current lifestyle
    • A surviving spouse is only eligible to receive benefits if he or she is caring for an unmarried child under age 16, or at age 6
    • Available pre and post sources of income that will be available in retirement

    Employee Benefits

    Your employer may provide you with some life or disability insurance. However:

    • The life insurance provided by employers is usually group term insurance, which does not build cash value for you
    • Group coverage is usually not portable—so you may be at risk of losing your coverage if you change jobs or retire
    • The presence of some life insurance does not mean you have the amount needed to maintain their current lifestyle and meet your financial goals.

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