Personal Coverage: Life

lifeWith 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:

 

  1. 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.
  2. 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.
  3. 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.
  4. 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.
  5. 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.