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The main reason for Life Insurance is to offer protection to your financial dependents, your spouse, your children, your parents, in the unfortunate event of your death. It can be viewed as income-replacement. Make no mistake, Life insurance is a crucial step in planning for your future and your family’s future. It can fulfill promises and obligations to your family, when you are no longer living.
The death benefit is income-tax free, and can be used to cover funeral expenses, repay debt, provide education, pay estate taxes, or any other expenses your survivors may incur.
Life insurance may also be used to help promote smooth transition and ensure that a family business will pass to your intended survivor. There are also several benefits attached to certain types of life insurance plans during your lifetime. An affordable Life Insurance Plan can safely provide financial protection and growth potential, where it has features that allow for such growth. Again, our agent will further explain.
Reasons to buy Term Life Insurance:
Each type of life insurance provides a death benefit, but they can differ significantly in length of coverage, premium flexibility, accumulation and distribution of cash values, and other factors also.
Whole Life Insurance, as its title indicates, is just that. It is whole life insurance which provides a lifetime death benefit for a set premium amount and builds cash value you can use while you’re living. The strength of a whole life insurance policy is that it provides guaranteed cash values and benefits, in return for fixed premiums. A trade-off to consider is that a whole life policy may build cash value at a lower rate than alternative coverage options. These matters require your serious consideration, now!
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