Having a Life Insurance policy to protect your loved ones is regarded as a sound financial planning tool. There are numerous benefits of having a life insurance policy, including:
1. To protect your loved ones from income loss and financial catastrophe. Whether you have young children, a spouse or even elderly parents that depend on your income, in the event of death your Life Insurance policy can serve as a partial replacement for that lost income so that your loved ones do not endure financial crisis.
2. Life Insurance can pau for your final expenses, such as burial costs, estate planning and administration costs, debts and medical expenses, so that your loved ones will not be unexpectedly burned by these costs.
3. Life Insurance can be an inheritance to your heirs even if you currently have no assets.
Life Insurance can be used to pay estate taxes, so that your heirs won’t be forced to sell assets at fire sale prices to cover tax payments.
1. Life Insurance can also be a form of savings account since some policies allow you to build cash value, which can be withdrawn or borrowed at your request.
Life Insurance can also be used to make planned charitable contribution at the time of your death.
We recommend you to speak to a local licensed insurance agent so that you can learn more about Life Insurance. Please feel free to contact the licensed agents listed on our site for more information.
Disclaimer - The above description/explanation is intended as a guideline only,and is not to be interpreted as a recommendation to buy or sell any insurance products, or to provide legal or financial advice of any kind. Also, Bergen Insurance. Does not warrant or assume any legal liability or responsibility for the accuracy, completeness, or usefulness of any information, apparatus, product, or process disclosed. No reproduction or republication permitted.