Life insurance is a crucial step in planning for your future and the future of your loved ones. It can pay off the mortgage, pay for college, pay off debts and even replace the lost income the family needs to survive. Life insurance can also provide benefits while you are living.
Advantages of the Death Benefit:
- It provides income tax-free money to your named beneficiary(ies) that can be used to pay funeral expenses, debt, tuition, estate taxes or virtually any financial need
you leave behind.
- It can provide business security by enabling partners to
buy out the interests of a deceased partner and prevent
a forced liquidation.
Advantages of Living Benefits:
- The cash value growth of a permanent life insurance
policy is tax-deferred1, which means you do not pay
taxes on the growth of the cash value unless the money
is withdrawn.
- Loans2 or withdrawals can be taken against the cash value of a permanent life insurance policy to help with expenses, such as college tuition or the down payment on a home.
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