Many people probably ask themselves this question. Here are some points to ponder.
Replace your income if you were not around.
I know that isn’t the most pleasant thought, but if you unexpectedly pass away, how will your family pay for:
mortgage and housing expenses
household debt
funeral expenses
childcare and healthcare expenses
Protection that is guaranteed
Your beneficiaries will receive a lump sum payment that is guaranteed by the insurance company.
A benefit that is tax free
The payment that you receive is generally tax free, so your beneficiaries will receive and can use the entire benefit.
Guaranteed cash value
If you purchase a whole life policy, your policy builds a cash value that is guaranteed to grow, and remember, tax free.
Potential for dividends
Even though not guaranteed, some whole life policies will always have the potential to receive dividends that you can take in cash, buy paid up additional insurance or pay towards your premiums.
Optional riders
Many policies will give you, at an additional cost, an option to purchase additional insurance, such as a chronic illness policy, pay your premiums if you become disabled or purchase coverage for your children.
If you have any questions about life insurance, please contact me at gk407105@gmail.com and I will be happy to discuss the options available to you.
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