When it comes to most forms of insurance, many people understand the importance of having coverage. Whether it’s your car or your home, having insurance means that you’re financially protected should disaster strike. But, what about life insurance? Although this form of protection works the same way as all other types of insurance, many are reluctant to open the conversation. Perhaps one reason is that life insurance involves the planning for the worst-case scenario – your death. The truth remains that if someone, your family or your business for example, would suffer a financial loss due to your death, life insurance is the answer.
What else can life insurance used for?
- It is possible to build a nest egg of savings for your retirement while insuring that your family is protected.
- If you want to leave a legacy, you can also name a charity of your choice as the beneficiary.
- You can use the policy to cover estate taxes when you die.
- If you are a business owner, life insurance is the best way to fund your buy-sell agreement with your partner(s).
Let us help you determine what makes sense for you!