- Why Buy Life Insurance?
All have heard about the importance of having life insurance, but is it really necessary? Usually, the answer is “yes,” but it depends on
your own unique individual situation. If you have a family who relies on your income, then it is very important to have life insurance
coverage for financial protection. If you’re single and have no major assets to protect, then you may not need coverage.
In the event of your premature death, your beneficiaries can use the life insurance proceed funds to pay funeral and burial expenses,
debt left over, estate taxes, mortgage payments, food, car payments and any number of everyday expenses. The money can be used to
pay for your children’s education also. Life insurance money can also be added to your spouse’s retirement savings.
If your dependents will not require the proceeds from a life insurance policy for these types of expenses, you may wish to name a favorite
charity as the beneficiary of your policy.
Whole life insurance and Universal life insurance can be used as a source of cash in the event that you need to access the funds during
your lifetime. Many types of permanent life insurance build cash value that can be borrowed from or withdrawn at the policy owner’s
request. Of course, withdrawals or loans that are not repaid will reduce the policy’s cash value and death benefit.
When considering what type of insurance to purchase and how much you need, ask yourself what would happen to your family without
you and what type of legacy you would like to leave behind. Do you want to ensure that the money will be plenty to pay off the mortgage
as well as achieve other goals? Do you want to ensure that your children’s education will be taken care of? Would you like to leave a
substantial donation to your favorite charity. Life insurance may be able to help you meet these needs and give you the peace of mind
that your family will be taken care of financially.
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Note: The information provided here is to assist you in financial planning and understanding types of life insurance. The
information in this article is not intended to be tax or legal advice, and it may not be relied on for the purpose of avoiding any
federal tax penalties. You are encouraged to seek tax or legal advice from a professional and licensed tax or legal advisor.
As with most financial decisions, there are associated expenses with the purchase of life insurance. Policies commonly have
contract limitations, fees, and charges, which can include mortality and expense charges. Most have surrender charges that
are assessed during the early years of the contract if the contract owner surrenders the policy; plus, there could be income
tax implications. Any guarantees are contingent on the claims-paying ability of the issuing company. Life insurance is not
guaranteed by the FDIC or any other government agency; they are not deposits of, nor are they guaranteed or endorsed
by, any bank or savings association.
information in this article is not intended to be tax or legal advice, and it may not be relied on for the purpose of avoiding any
federal tax penalties. You are encouraged to seek tax or legal advice from a professional and licensed tax or legal advisor.
As with most financial decisions, there are associated expenses with the purchase of life insurance. Policies commonly have
contract limitations, fees, and charges, which can include mortality and expense charges. Most have surrender charges that
are assessed during the early years of the contract if the contract owner surrenders the policy; plus, there could be income
tax implications. Any guarantees are contingent on the claims-paying ability of the issuing company. Life insurance is not
guaranteed by the FDIC or any other government agency; they are not deposits of, nor are they guaranteed or endorsed
by, any bank or savings association.
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