Insurance

Life Insurance

Your life insurance needs will depend on a number of factors, including the size of your family, the nature of your financial obligations, your career stage, and your goals. For example, when you're young, you may not have a great need for life insurance. However, as you take on more responsibilities and your family grows, your need for life insurance increases. Here are some questions that can help you start thinking about the amount of life insurance you need:

  • What immediate financial expenses (e.g., debt repayment, funeral expenses) would your family face upon your death?
  • How much of your salary is devoted to current expenses and future needs?
  • How long would your dependents need support if you were to die tomorrow?
  • How much money would you want to leave for special situations upon your death, such as funding your children's education, gifts to charities, or an inheritance for your children?
  • What other assets or insurance policies do you have?


Choosing and changing your beneficiaries
When you purchase life insurance, you must name a primary beneficiary to receive the proceeds of your insurance policy. Your beneficiary may be a person, corporation, or other legal entity. You may name multiple beneficiaries and specify what percentage of the net death benefit each is to receive. If you name your minor child as a beneficiary, you should also designate an adult as the child's guardian in your will.


Review your coverage
Once you purchase a life insurance policy, make sure to periodically review your coverage--over time your needs will change. 

Protecting your loved ones with life insurance will give you piece of mind. 1ST SUMMIT Financial Advisors can help you decide what type of insurance best suits your needs and can review your existing policy.

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Long-term Care

Long-term care offers ongoing services and support needed by people who have chronic health conditions or disabilities. No one expects to need long-term care, but it's important to plan for it nonetheless. Here are two important reasons why:

  • The odds of needing long-term care are high
  • The cost of long-term care is rising

Understandably, many people put off planning for long-term care. Although it's hard to face the fact that health problems may someday result in a loss of independence, if you begin planning now, you'll have more options open to you in the future.


A 1ST SUMMIT Financial Advisor can help you compare long-term care insurance policies and answer any questions you may have.


Investment and insurance products and services are offered through INFINEX INVESTMENTS, INC. Member FINRA/SIPC. 1ST SUMMIT Financial Advisors is a trade name of the bank. Infinex and the bank are not affiliated. Products and services made available through Infinex are not insured by the FDIC or any other agency of the United States and are not deposits or obligations of nor guaranteed or insured by any bank or bank affiliate. These products are subject to investment risk, including the possible loss of value.