|Date Added: December 13, 2012 09:43:54 AM|
It is great common belief is that life insurance is only for those folks who will leave a family behind them after their demise. It is generally true that life insurance policies like any other policies like pension-life insurance, whole-life insurance and joint-life insurance policies etc. are very important to secure the family financially. But if you think that they are only for families, you are wrong. It is as important for individuals as it is for families. Your family will be protected from the uncertainties of life and have a healthy, happy, secure future.
Some advantages of life insurance policies are given below:
• In a scenario where an owner of an estate has not collected enough assets to secure his family.
• Insurance quote helps you to build a new and instant estate for securing your family’s future.
• Life insurance will provide you with a choice on pass on equal assets to your children who are usually not active when it comes to the Family Business during the time of passing on of the family business.
• There are life insurance policies that are available that will help in securing your children’s future when they will go for higher education or when they go to college as the amount that is present in the Life Insurance Policy can increase on a parent’s or a minor’s life.
• The increase of cash-value policy is in such a way that you can actually delay the paying of taxes till a certain future period (in this scenario, the demise of the taxpayer) till you withdraw the money from the said policy.
• Life Insurance Policy can be helpful as it can help you pay off the taxes on the estates as well as other estate settlement amounts that will be due after your death. One is required to pay Federal Estate taxes nine months after the death.
• If a scenario which has a business transfers occurs, then the life insurance policy will help you by providing you with ready cash that will help you in financing a transaction among business owners who might be willing to purchase the deceased owner’s share of the estate after his or her death
• In another scenario where there is home mortgage involved, then one can give the residence to the partner or the children to free them from any sort of mortgage if you have a life insurance policy for the above. It is generally preferred to have a reducing term policy that of reduces in face amount as and when the mortgage balance is usually paid down.
• Life insurance policies will usually aid you in keeping your business from the cost of losing a key employee. An untimely death of an important employee can cause unprecedented financial loss to your business.
• The right insurance policy can help you in paying your personal or business loans that may be pending under your name.
• In most of the insurance policy, there are benefits that are available for immediate use and will be available to the family for immediate expenses such as funeral costs or a final illness and with these funds, the family will not have to sell the real estate assets.