Personal Coverage: Life
With life insurance, you can protect your family and help them plan for their futures in the event of your death. Life insurance is a unique asset. Because of its potential high yield and its tax-favored benefits, it can be used to solve some of life’s perplexing financial problems:
- Create an Estate: Where time or other circumstance has kept the estate owner from accumulating sufficient assets to care for his or her loved ones.
- Pay Death Taxes and Other Estate Settlement Costs: These costs can vary from a low of 3 to 4 percent to over 50 percent of the estate. Federal estate taxes are due 9 months after death.
- Fund a Business Transfer: Business owners often agree to buy a deceased owner’s share from his or her estate after death. Life insurance provides the ready cash to finance the transaction.
- Equalize Inheritance: When the family business passes to children who are active in it, life insurance can give an equal amount to the other children.
- Pension Maximization: At retirement, married pension plan participants must make a choice to either:
- Take a substantially reduced monthly income for the lifetimes of both the retired employee and his or her spouse (joint and survivor, for example $800 per month) or
- Take the maximum monthly income for the life of the retiring employee (single life only, for example $1000 per month).
Call today to find out how we can help you provide for your loved ones and make sure they are financially prepared for your passing.