Life Insurance vs. Savings Account: Which is Right for You?

Saving money is essential, but relying solely on a savings account may not provide sufficient financial protection for your loved ones in the event of one's passing.

A savings account is subject to creditors claims (meaning creditors such as your bank, can take what's owed before leaving any balance to one's loved ones). Also, savings are becoming less and less likely to keep up with inflation - especially at the current interest rates.

On the other hand, life insurance is not subject to creditors claims (meaning that the designated beneficiary will receive the full amount of the life insurance payout - even if the life insured had several liabilities at the time of passing) and can contain investments that grow faster than the rate of inflation, thus helping to preserve your purchasing power over time.

There are several nuances that apply to each individual situation however, it's important to consider both options and determine the right balance between saving and securing one's family with life insurance.

Call, text or email me today to schedule a free, no-obligation consultation to learn more about life insurance policies and how they can help you achieve your financial goals.