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Tom Meaglia, ChFC®, AEP®,
CLU®, CRPC®, MSFS
Chartered Financial Consultant
Investment Advisor Representative
Chartered Retirement Planning Counselor
CA Insurance Lic. #0567507
Meaglia Financial Consulting
2105 Foothill Blvd., #B140, La Verne, CA 91750
Toll Free: 800-386-3700
Bus: 909-593-6105
Cell: 818-681-8600
Fax: 909-593-6120
Email: tom@meagliafinancialconsulting.com
Website: www.meagliafinancialconsulting.com
March/April 2023
Life Insurance and the Single Life
If you’re a single parent or just plain single, you might not have given a lot of thought to life insurance.* But there are some very good reasons why you should. Life insurance benefits can provide for loved ones, pay off debt, or finance a child’s education if something were to happen to you.
The Single Parent
As a single parent, you may be the sole provider for your child. But if you weren’t around, where would the money come from to provide for your child until adulthood? Life insurance offers a safety net that can pay for a child’s everyday expenses, college tuition and future care if a parent dies unexpectedly. In addition, life insurance benefits can cover your end-of-life expenses.How Much Do You Need?
The answer varies with every individual’s situation. Generally, your policy’s death benefit should be 10-15 times your annual income — more if there are multiple beneficiaries. A term life policy that covers you for a set number of years is typically the most affordable option. Your financial professional can help you determine the type and size of policy that is best for your needs.When the Beneficiary Is a Minor
A minor cannot receive life insurance proceeds, so you may want to set up a trust as the beneficiary of your policy. When you establish the trust, you’ll specify how the funds will be distributed and name a trustee to oversee the distribution. Because money in a trust can sometimes lower a child’s eligibility for financial aid, work with a financial professional to come up with a plan for your child’s future.Single, No Children
A single person with no children may still have a need for life insurance. Policy proceeds can cover funeral costs, pay off debt, provide support to a parent or disabled sibling, or fund a legacy.*Applications for life insurance are subject to underwriting. No insurance coverage exists unless a policy is issued and the required premium to put it in force is paid. Accessing cash values may result in surrender fees and charges and may require additional premium payments to maintain coverage and will reduce the death benefit and policy values. Guarantees are based on the claims paying ability of the issuer.
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Thomas Meaglia is an Investment Adviser Representative of Coppell Advisory Solutions LLC, dba, Fusion Capital Management, a registered investment adviser that only conducts business in jurisdictions where it is properly registered, or is excluded or exempted from registration requirements. Registration as an investment adviser is not an endorsement of the firm by securities regulators and does not mean the adviser has achieved a specific level of skill or ability. The firm is not engaged in the practice of law or accounting.
Insurance and annuity products are not sold through Fusion Capital Management. Fusion does not endorse any annuity or insurance product, nor does it guarantee any insurance or annuity performance. Annuity and life insurance guarantees are subject to the claims-paying ability of the issuing insurance company. If you withdraw money from or surrender your contract within a certain time after investing, the insurance company may assess a surrender charge. Withdrawals may be subject to tax penalties and income taxes. Persons selling annuities and other insurance products receive compensation for these transactions. These commissions are separate and distinct from Fusion's investment advisory fees.
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