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John Ritenour Explains Why You Need Life Insurance

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John Ritenour is a founder and former CEO & chairman of Insurance Office of America (IOA), one of the country’s top full-service insurance agencies in the country. He has been in the industry for more than 40 years. John Ritenour started his insurance sector career as a door-to-door salesperson and quickly rose to become an independent entrepreneur with the launch of IOA. Through his insurance agency, he has been pivotal to many advancements in the industry over the last three decades. During a recent interview, this IOA founder came out to explain why you need life insurance.

Paying your final expenses

The majority of insurance policies always mature after the demise of the insured. This means that if you take life insurance and you pass away, your family will receive the proceeds, which they can use to pay for your final expenses. John Ritenour clarified that the final expenses could include outstanding medical bills, student loans, estate taxes, and funeral costs.

Take care of your family’s future expenses

After your passing, your family will still have financial needs that you will no longer be able to meet. Having life insurance allows you to take care of your family’s future expenses after your demise. The IOA founder mentioned that your family could utilize the insurance proceeds to pay for college tuition, basic living costs, and medical expenses. This would mean that the family will have a better opportunity to enjoy a higher quality lifestyle.

It could be your wealth accumulation vehicle

John Ritenour pointed out that you can also take a life insurance policy as a wealth accumulation vehicle. This means that you can stash some of your wealth into your life insurance policy and have it given to family or persons of your preference after your passing. Over the last two decades, this wealth accumulation option has become quite popular due to the special tax advantages it offers.

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