When you think of life insurance, you most likely think of providing a lump sum of money generally tax free to your heirs when you pass away. This creates an instant estate and provides resources to pay your final expenses such as medical bills, income taxes and replaces the income you previously contributed to your household.
In addition, you can use life insurance to:
The cash value in permanent life insurance can also fund long term accumulation goals, such as:
Life insurance can also provide an alternative to traditional long-term care policies by linking a cash value life insurance policy with a long-term care benefit. These combination policies take advantage of the federal income tax law that allows payment of accelerated death benefits should the insured need long term care. If long term care services are not needed, or only a portion of the death benefits are needed, the remaining death benefit, minus any policy loans passes to the named beneficiaries on the policy.
Please use the form below for a complimentary review of how life insurance can help you pursue your goals.
This information is not meant as tax or legal advice. Please consult with the appropriate tax or legal professional regarding your particular circumstances before making any investment decisions.