The Role of Life Insurance in Financial Plan
Life insurance can be an integral part of financial plan for future and the futures of loved ones. Selling life insurance should always be set in that situation, where it is a very important part of a person's total financial picture.
One way to sell insurance in this manner is to set it against competing products as superior to them in value over time. In many cases for the ideal life insurance client, the promise of future financial support for his or her family after death is a powerful selling point.
Life insurance as a role for total coverage tool against death when there is no financial planning in place is also ideal in that, given a large enough death benefit, a person's house, bills, funeral and children's educations will be paid for in full. This is a primary motivating factor particularly for younger clients who are just married and just beginning to build a life together. Emphasis on their age and relative health being to their advantage at such an early stage in life is also a useful way of showing how life insurance is a key product to have.
The major roles for life insurance to play in a proper financial plan are assets assurance, leaving a legacy, family future financial support and protecting own business. Life Insurance may able to help the insurers protect their assets. Insurers may have real and personal property that they would not want to go to ruin after they pass away. With a life insurance policy, insurer can protect a home, vehicles, business or any other property for which they have an outstanding loan or tax bill or which requires significant upkeep. This prevents insurers’ family or other beneficiaries from having to sell the property because they cannot afford to pay for it.

Some of the insurer who purchases a life insurance policy they are interested in leaving a legacy behind by donating the proceeds of their policy to a particular school or an organization. Those organizations are mostly charity organization such as Truly Loving Company (TLC). In most states, such organizations receive the sums tax free. Some people who acquire life insurance not to benefit their own family or business but make donations of cash and property to the charity organization. However, while these donations can provide valuable tax deductions, many donors are left wishing that they could do more for the charities that they love and support. Some donors would therefore be wise to consider using their life insurance policies as a more effective means of leveraging the support they provide. In many cases, this can be the most effective and convenient asset that they can give.
Donors who wish to leverage their cash donations to charity can use life insurance as an excellent means of accomplishing their goal. By either gifting a policy outright or naming a charity as beneficiary, they can provide the charity of their choice with a large sum of money that can provide a lasting legacy for a cause that they believe in.

The major reason one would acquire life insurance is to protect his family after his death. They acquire life insurance with their family future financial support as main consideration. Life insurance able to help the insurer’s family to cover his mortgage, daily expanses and children’ future educational expenses after he pass away. A life insurance policy would protect your loved ones financially and help them keep their present lifestyle without much interruption. A life insurance normally will help insurer family to take over all the financial burden of the insurer so his family able to maintain the same standard of living as the insurer still alive.
Life insurance also plays a critical role when insurer is a small business owner. Life insurance can help protect insurer business to ensure his business able to survive after he passed away. Many small business owners have their life savings invested in their businesses. In some cases, when the owner of the business no longer a live insurance will take effect to protect the insurer’s business. Business life insurance can protect both your business and family and help provide for the financial survival of each. Life insurance for business may be taken out for several different purposes. One purpose is to provide for the successful liquidation of your financial interest in the business for the benefit of your heirs. If you have a business partner, you should each have a life insurance policy, enabling an automatic buyout of the interest of the deceased. It protects the estate of the deceased, and ensures the continuation of the business.
As conclusion, building a financial plan with life insurance at the base of it will help the insurer to see the whole picture when it comes to making sure his or her loved ones are cared for, should the unfortunate take place. Starting with life insurance, then recommending other financial products to help clients secure retirement income and a death benefit can secure a good foundation from which the client can build financially.