Life insurance is one of the most important—and sometimes overlooked—parts of a strong financial plan. It provides a financial cushion for your loved ones if the unexpected happens. The proceeds from a policy can pay off mortgage debt, fund your children’s college education, and cover the many day-to-day bills most families face.
Despite its importance, many people put off making decisions about coverage because the options seem complicated or they’re not sure how much they really need. At Waldman Insurance Agency, a division of Waldman Accounting, we simplify that process by helping you choose policies that protect the people you care about and align with your broader financial and tax strategies.
Whether you’re planning for your family’s future, securing a business, or building long-term wealth, here’s how to think about life insurance—and how our team can guide you through the process.
Do you need life insurance?
If you have people who rely on you financially, then you most likely need some life insurance coverage. The proceeds from a life insurance death benefit can:
- Protect your family’s lifestyle by replacing lost income
- Cover mortgage payments, debts, and final expenses
- Fund children’s education or support aging parents
- Provide liquidity for business continuity or estate planning
- Play a strategic role in wealth transfer and tax-efficient legacy planning
At its core, life insurance ensures that the people and priorities you care about are taken care of — even if the unexpected happens and you’re no longer around. And while that’s morbid to think about, the peace of mind that comes with having a plan really will help you sleep better at night.
Choosing the right amount of life insurance for your needs
A common rule of thumb is to purchase life insurance equal to at least 10 times your annual income, but your exact needs depend on factors like:
- Mortgage and debt balances
- Children’s education costs
- Your spouse’s income and retirement savings
- Future financial goals and estate planning needs
While that’s a good place to start for considering coverage, our team can run a personalized needs analysis to calculate the right amount based on your income, liabilities, and long-term goals. For those with more savings, a smaller policy might fit the bill. For those with more debt and living expenses, it might make sense to purchase a more robust policy.
Types of life insurance coverage
When it comes to deciding what type of life insurance policy to buy, that’s where people often experience decision fatigue. It’s also where the difference in working with Waldman Insurance Agency becomes clear. We provide a transparent, unbiased perspective on the right type of coverage for your financial situation, household, and budget.
Term life insurance
- What it is: Coverage for a set period of time, typically 10, 20 or 30-year term lengths.
- Best for: Income replacement during working years, mortgage protection, and family planning.
- Pros: Affordable, simple, high coverage per dollar.
- Considerations: Coverage ends when the term expires (unless converted).
For most families, term life insurance provides robust coverage for the least amount of money per month. It’s a straightforward solution for straightforward coverage needs.
Permanent life insurance
- What it is: Lifetime coverage with a cash-value component that grows tax-deferred.
- Best for: Estate planning, long-term wealth transfer, business succession, or lifetime financial protection.
- Pros: Lifetime coverage, potential cash accumulation, tax-efficient growth.
- Considerations: Higher premiums, more complex structure.
Annuities for income protection
- What they are: Insurance products designed to provide guaranteed income streams, either immediately or in the future.
- Best for: Retirement income planning, longevity risk management, and principal protection.
- Pros: Guaranteed income, downside protection, tax-deferred growth.
- Considerations: Liquidity limits, surrender charges, irrevocable income choices.
Types of annuities
- Fixed & Fixed Indexed Annuities: Principal protection with defined growth parameters and tax-deferred accumulation
- Immediate/Income Annuities: Convert assets into predictable income streams for life
Annuities can complement life insurance in a comprehensive financial plan, providing income certainty while life insurance provides death benefit protection.
Make taxes part of the life insurance conversation
For those who need more robust life insurance products, such as permanent life insurance or annuities, here’s where Waldman Insurance Agency takes life insurance planning to the next level. Most brokers focus on selling you a policy. We integrate your tax strategy and overall financial picture into every life insurance recommendation. That means:
- Helping business owners structure premiums for potential deductions
- Designing policies that minimize estate taxes and support wealth transfer
- Coordinating with your retirement, HSA, or investment strategies
- Navigating how policy loans, withdrawals, and cash value growth affect your taxes
This tax-smart approach ensures your policy provides the right coverage and serves as a valuable financial planning tool when leveraged correctly.
How we help with life insurance shopping and comparisons
At Waldman Insurance Agency, insurance decisions don’t happen in isolation. We integrate them with your tax, financial, and business strategy.
We already know your financial picture
For existing tax clients, we have the context needed to provide accurate recommendations quickly (saving you time and paperwork).
Carrier agnostic approach
We work with multiple carriers to help you identify the right coverage for your needs, budget and even potential underwriting considerations.
Goals over commissions
Our recommendations prioritize your financial needs and how life insurance fits into your holistic plan — not sales targets.
Complete transparency
We provide clear pros and cons of every option, including costs, features, and tax implications.
Full-service support
Our team supports you every step of the way—from quote comparisons and applications to underwriting considerations, annual reviews, and policy adjustments down the road. Major life events like marriage, children, home purchases, or business growth often require revisiting your coverage. We can help with quick reviews that coincide with your tax planning, ensuring your life insurance evolves with your financial situation.
Get the life insurance coverage you need
Life insurance is a financial safety net for your loved ones. Depending on what type of policy you choose, it can also serve as a strategic wealth-building and estate planning tool.
Whether you’re protecting your family’s future, planning for business succession, or building a tax-efficient legacy, we’re here to help you make confident decisions about your coverage.
Schedule your free life insurance consultation to explore how the right policy can protect your family and strengthen your long-term financial plan.
Contact us: info@waldmanaccounting.com
This post is for general information and isn’t tax, legal, or insurance advice. Individual results depend on specific circumstances and current law. Always consult with licensed professionals for your situation.