If helping loved ones maintain a standard of living and avoid financial hardships after your passing is a priority for you, life insurance products can help. A general rule is that you may want to seek coverage between five and seven times your gross annual income. As far as the various types of policies go, they can generally be placed into one of two categories: term and permanent.
Term insurance generally provides coverage for a specified period of time and pays out a specified amount of coverage to your beneficiaries only if you die within that time period. A permanent insurance policy, on the other hand, also referred to as “cash value” insurance, will stay permanently in effect for the rest of your life, as long as premiums continue to be paid and the policy has enough value to cover the cost of the insurance.
Nye Wealth Management, LLC is a registered investment adviser affiliated with EAN Agency LLC, which provides insurance products, including annuities. Insurance products are offered through EAN Agency LLC and are separate from the investment advisory services provided by Nye Wealth Management, LLC. Should a client purchase an insurance product through EAN Agency LLC, they will pay a fee that is separate and apart from the fees paid to Nye Wealth Management, LLC for investment advisory services. Clients are under no obligation to purchase insurance products through EAN Agency LLC, and any decision to do so is solely at their discretion.