Protect Your Family
If you love someone and that they depend on you for financial support, you probably need life insurance. The tax-free proceeds of a life insurance policy will replace your income and help your family meet many important financial needs like daily living expenses, mortgage payments and your children’s education.
Protect Your Business
A successful business develops through vision, hard work and dedication. In the event of an untimely death, your business would need the funds to continue its successful operation. Your family would want compensation for all the time and effort you have put into the business. Your partners may need the money to buy out your shares from your estate. For all these reasons, life insurance plays an important role in the continuity of your business.
Enhance Your Retirement Income
If you’re concerned about a shortfall in your future retirement income, life insurance allows you to build tax-advantaged savings and accumulate cash value to supplement your retirement income.
Protect Your Estate
If you’ve spent a lifetime accumulating your assets, it’s important to plan for what will happen to your estate after you die. Taxes can dramatically erode the value of your estate. Your heirs may have to sell off your assets in an unfavorable economic atmosphere in order to meet all the tax obligations. Life insurance provides the liquidity needed to settle an estate and pay the taxes.
Leave a Legacy – Charitable Giving
As family needs change and children grow, life insurance may no longer be essential to your future family needs. You may want to leave a legacy to the less-fortunate and make a significant impact on the lives of people. For a relatively small payment, life insurance will allow you to give significantly larger gifts that you might otherwise be unable to make.