Life Insurance

Life Insurance — Protecting Your Family—and Your Income


Life Insurance — Protecting Your Family—and Your Income

For many people, the first time they think about life insurance is right after their first child is born. The responsibility of being a parent really hits home right when you bring the baby home. It makes sense, because life insurance is all about protecting the people who are financially dependent on your income.

Steady income — a valuable asset

Your ability to earn an income is a valuable asset. If something happens to you, the cumulative earnings you might have produced are no longer available. Life insurance provides protection by paying a lump sum death benefit to your beneficiaries that can help offset this loss of income. Life insurance proceeds are generally free of any income tax liability. If a beneficiary is named, the benefit is passed directly to your heirs without going through probate court.

Life insurance is all about protecting the people who are financially dependent on your income.

If you’re young, you might be surprised at how affordable term life insurance can be. As your financial situation and goals change, you might consider converting that term policy to a permanent policy. This type of coverage also the potential to build cash value. Examples of permanent policies are whole life or universal life.

Cash value within a life policy grows tax deferred. This may be an attractive feature if you want to borrow against your policy value or withdraw some of the money in later years. Some people use their life insurance cash value to help fund a college education, purchase a vacation home or supplement their retirement income.1

Protect what’s important—your family

Different types of life insurance give you options to provide protection that works for your loved ones, at a price you can afford. ING offers a full range of life insurance products and our life insurance professionals are ready to help you find a personalized insurance solution.

1 Loans and withdrawals may be subject to income taxes, may reduce available cash value, reduce the death benefit or cause the policy to lapse.