As much as people don’t like discussing the issue of life insurance, there is no arguing its importance in one’s overall financial planning. A life insurance plan helps an individual protect their loved ones and to keep some money behind to cover costs after their demise. Without a life insurance plan in the Parkersburg, WV area, an individual’s dependent/loved ones may have to alter their lifestyle drastically. Hence, an already traumatic situation turns even more difficult.
There are several benefits of having a life insurance plan. Below are a few of them;
The primary benefit of life insurance is the death benefit. When an individual dies without a life insurance plan, this often creates unexpected financial challenges for those left behind. For instance, there may be medical bills to be cleared, funeral expenses, mortgage, debts etc.
With a life insurance plan, beneficiaries can receive death benefits which they can use to pay off debt, mortgage, medical expense and can act as a form of income before for the meantime.
2. Takes away worry:
One of the fears people nurse is the status of the life of their loved ones if they were to pass unexpectedly. Life insurance helps to remove such fears. With a life insurance plan, you can rest easy, knowing that your loved ones will have a good quality of life and their financial needs will be met, should you pass away.
3. Protection against estate taxes:
Those with a likelihood of being hit with estate taxes after their death may also consider a life insurance policy. Many times, it is the loved ones left behind that is burdened with sourcing for the estate tax fund. They usually go to such length as selling asset below market value. A life insurance policy can help shield loved ones from this, protecting them against the indignity of selling assets and family heirlooms.
4. Equaling inheritance:
A life insurance policy can be used to equal out an inheritance. Take, for instance, a man has two children and one house and he wishes to give the house to one of the children. In order to equal out the inheritance, the man can buy a life insurance policy of equal value to the house and name the other child as beneficiary.
At Curtis Miller Insurance, we work hard to let people know the benefits attached to purchasing a life insurance policy. If you still have any questions about life insurance and its benefits in the Parkersburg, WA area, then you can contact Curtis Miller Insurance.