Why 5 years too early is better than 5 minutes too late.
As you grow older, get married, and start a family, you realize that life insurance is indispensable and fundamental to a sound financial plan. Over the years, life insurance gives you peace of mind knowing that money would be available to protect your family and estate in a number of ways.
Plans We Offer
- Universal Life
- Term Life
- Whole Life
- Guaranteed Issue
- Return Of Premium (ROP)
- Life insurance provides an infusion of cash for dealing with the adverse financial consequences of the insured’s death.
- Life insurance enjoys favorable tax treatment unlike any other financial instrument.
- Death benefits are generally income-tax-free to the beneficiary.
- Death benefits may be estate-tax free if the policy is owned properly.
- Cash values grow tax deferred during the insured’s lifetime.
- Cash value withdrawals are treated on a first-in-first-out (FIFO) basis, therefore cash value withdrawals up to the total premiums paid are generally income-tax free.
- Policy loans are income tax free.
- A life insurance policy may be exchanged for another life insurance policy (or for an annuity) without incurring current taxation.
Why Life Insurance is a Necessity
1. To Pay Final Expenses
The cost of a funeral and burial can easily run into the tens of thousands of dollars, and you don’t want your wife, parents, or children to suffer financially in addition to emotionally at your death.
2. To Cover Children's Expenses
Like most fathers, you want to be sure your kids are well taken care of and can afford a quality college education. For this reason, additional coverage is absolutely essential while your kids are still at home.
3. To Replace the Spouse's income
If your wife had passed away while the kids were young, You would’ve needed to replace her income, which was essential to your lifestyle. You also would’ve needed to hire help for domestic tasks we’d shared like cleaning the house, laundry, cooking, helping with schoolwork, and carting kids to doctor’s visits.
4. To Pay off your Debts
In addition to providing income to cover everyday living expenses, your family would need insurance to cover debts like the mortgage so they wouldn’t have to sell the house to stay solvent.
5. To Buy a Business Partner's Shares
Maybe you're involved in a business partnership, You might need insurance on your partner’s life. The reason is so if he dies, You will have enough cash to buy his interest from his heirs and pay his share of the company’s obligations without having to sell the company itself. He has the same needs (due to the risk that you might die), and he simultaneously purchased insurance on your life.
6. To Pay off estate taxes
Estate taxes can be steep, so having insurance in place to pay them is essential to avoid jeopardizing assets or funds built for retirement. Use of insurance for this purpose is most common in large estates, and uses permanent (rather than term) insurance to ensure that coverage remains until the end of life.