When it comes to insurance, it's important to understand your options so that coverage is in place for you and your family before a time comes when its most needed. Life stages or life events such as marriage, becoming a parent, home ownership, changing jobs, or approaching retirement may indicate a need for reevaluating your insurance needs.
Insurance plays a key role in a well-balanced financial plan because your traditional savings and investment accounts may not meet all of your needs. At PNC Investments, we take the time to understand your family's financial goals. We then evaluate the role that insurance can play in meeting those goals, whether it is survivor benefits in the event of an untimely death, income benefits when you reach retirement, or benefits to cover long-term care services. Our PNC Investments professionals are ready to help you find the coverage that suits your personal situation.
For all types of life insurance, any guarantees are dependent upon the claims-paying ability of the issuing company.
Life Insurance can be broken down into two general categories: Term Life and Permanent Life. Both varieties of coverage can provide your named beneficiary with a death benefit in the event of your passing. However, there are some key differences between the two categories that warrant consideration.
Offers protection for your entire life as long as you continue to pay the premium required to keep the policy in good standing.
As policy payments are made, a portion of each payment is placed into a cash value account. The value of this account will generally continue to grow -- tax deferred -- for the length of the policy.
You may take loans from the cash value account, however, any unpaid policy loans will reduce the death benefits awarded to your beneficiary.
Variable Universal Life:
Though not technically a form of life insurance, long-term care insurance is often purchased alongside life insurance or included in life insurance policies as a rider (an addition or endorsement, which may have an additional cost). Long-term care refers to the ongoing services and support needed by people who have chronic health conditions or disabilities.
Generally speaking, there are two types of long-term care insurance:
As with any investment, it's important to consistently monitor your life insurance policy to ensure it's working for you. If you already have life insurance coverage, our financial professionals can review your policy and help you determine if it's still meeting your objectives.
A policy review may reveal opportunities to reduce your premiums or even provide a larger benefit for your current premium. This same review could also reveal whether or not your policy is underfunded, or determine if it's properly aligned with your financial goals. A life insurance policy review can be quick and simple, and can help you confirm you're receiving the best possible value.
We can help you choose the account that's best for you. Call today to schedule an appointment.
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This material is meant to educate and not to provide legal, tax, accounting or investment advice. PNC Investments and its affiliates and vendors do not provide legal, tax or accounting advice.
Important Investor Information: Brokerage and insurance products are:
Not FDIC Insured • Not Bank Guaranteed • Not A Deposit
Not Insured By Any Federal Government Agency • May Lose Value
Securities products, brokerage services and managed account advisory services are provided by PNC Investments LLC, a registered broker-dealer and a registered investment adviser and member FINRA, and SIPC. Annuities and other insurance products are offered through PNC Insurance Services LLC, a licensed insurance agency.
This material does not constitute an offer or solicitation in any jurisdiction where or to any person to whom it would be unauthorized or unlawful to do so.
PNC Investments does not guarantee the performance of any investment. Investing results may vary. Investments may lose money. Diversification and asset allocation may not prevent a loss of investment.
PNC Investments LLC, PNC Insurance Services, LLC and PNC Bank, National Association are each affiliated with The PNC Financial Services Group, Inc.
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