Life insurance is one of those steps we take not for ourselves, but for our loved ones. When added to an employee benefits package, life insurance becomes a powerful positive influence upon employee retention. Employees love it, and they remain with you longer.
Benefits at Death:
- Pays final expenses, debts, estate taxes, etc., or any other financial debt or need the insured may leave behind, without incurring a tax load for named beneficiaries
- Can be used by business partners to buy out the interests of the deceased partner and help ensure the continuity of the business
Benefits While You’re Still Alive
- If the policy grows in cash value over time, any tax on that increase is deferred unless you withdraw the money before maturity
- The policy (assuming it is a permanent life policy as opposed to term life) can become a good source of funds for such things as a down payment on a home or college tuition (with possible tax issues, as mentioned above)
How Much Life Insurance Do You Need?
Since we all have different obligations and different financial situations, the amount of life insurance you need may vary according to your personal circumstances. You no doubt need at least some life insurance if you have a spouse and dependent children.
Additional reasons for life insurance may include the need to support aging or disabled parents or other close relatives, funding your retirement needs or those of a spouse, executing certain aspects of a large estate, or protecting the ongoing sustainable of a business you share with a partner.
Term, Whole or Universal? We can help you decide.
Our life insurance specialists can help you find the right type of policy for you so you don’t buy more or less insurance than you and your family really need. For a free assessment of your particular requirements, call, email us, or fill out the quote request form above.
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