Learn the importance of life insurance. There are many financial security benefits for you and your family.
The policy value paid out to the beneficiaries may be used for a variety of reasons to ease the financial burden resulting from life ending event. Listed are some of the most common examples.
- Income replacement: First and most common, losing the sources of income can cause a significant strain on any family. A well devised life insurance calculation will reduce the resulting burden.
- Inheritance: Life insurance can be used as a form of inheritance for a spouse or for children to provide for care or education—whether young or old.
- Burial, cremation or health costs: Rather than using your savings or credit cards for death ending expenses, the unexpected costs can be funded with life insurance.
- Pay tax and debt obligations: Life insurance can be applied to any expenses including death taxes, remaining mortgage, credit card debt, auto loans and other family obligations. In most cases, the payout avoids estate taxes, a significant advantage.
- Create savings: Some types of insurance, like whole life insurance, have cash components that allow buyers to build cash values through their payments. This is another great way to provide for your family. When living beyond the financial obligation years, the build up can be borrowed as a loan to pay the on going premiums or used to have additional go money for any use. Although more expensive on to maintain the resulting differences in the end can be meaningful. The additional cash can be substantial.
- Retirement security: If purchased early enough, life insurance can be used to build wealth and help ensure financial security once you retire. Even term life insurance may be sold to third party investors to raise cash in an end of life health emergency to help absorb end of life expenses.
- Charity: If you don’t have anyone specific to leave your life insurance money to, it can be a great way to make charitable contributions and help provide for others.
With the ever increasing life expectancy, term life insurance premiums are at historical lows. Purchasing this valuable financial protection has never been so affordable.
An independent life agent has access to multiple carriers will provide multiple quotes and companies from which to choose. Peter Green, an independent life insurance agent, located in Orange County, California has access to more than 50 “A” rated companies.
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Peter’s “real time” online database can provide a cost indication for you in a matter of minutes. Peter has a wealth of experience working with individuals, families and business wishing to consider the financial security of life insurance. Get the information needed to make an informed decision from a proven professional.