1. Policies can supplement your retirement savings.
Did you know certain types of life insurance policies can accumulate cash value? You can use
this 'cash' to cover expenses, such as purchasing a vehicle. You can also access these funds as needed during retirement.
2. Payouts from life insurance are tax-free.
Life insurance payouts don’t need to report them when filing tax returns, because they aren't
considered income. If a person with a life insurance policy dies while their coverage is in effect, their beneficiaries will receive a 'death benefit' payment.
3. You can get insurance for chronic and terminal illnesses.
Many insurance companies allow you to add policy provisions that add benefits to or amend the terms of your life insurance policy, which are called riders. Some policies allow you to use your death benefit while you’re still living to help cover expenses in the event you are diagnosed with a terminal illness. Speak with your friends at SeibertKeck Insurance Partners to see what insurance with living benefits would work for you.
4. Your dependents won’t have to worry about living or death expenses.
If your loved ones depend on your income for living expenses and other costs, life insurance will give you confidence that your family will have financial stability in your absence. In case of your death, life insurance could pay off your house or cover college tuition for your
children. It could also include funeral expenses.
5. It’s affordable, especially when you start young!
Many people don’t consider life insurance before their 30’s, but the younger you start, the
better off you’ll be in some cases. Life insurance is especially important if you have someone
financially dependent on you. Some providers offer term life insurance for as little as $10/month, depending on your level of coverage.
Sandra Lester, CISR, is one of our team’s talented Client Account Managers. She says, “If you think life insurance is unaffordable, or you may not qualify, then you need to give SeibertKeck Insurance Partners a call. Our Life insurance Specialists strive to provide the very best solutions for the financial needs of both Individual and Business clients and offer an array of plans and from children’s policies to retirement and estate planning products, as well as complete Business Protection Portfolios. We’re ready to assist you in protecting yourself and the things that matter most.”
6. Life insurance can pay off private student loan debt.
Do you have private student loans? If your parents co-signed your student loans, they may be left with your death in the case of your death. In fact, in some cases, your parents (or spouse) could be left with your debt, even if they weren’t cosigners. Some life insurance policies can pay off private student loans, so your loved ones don’t have to.
7. You’ll give your business a better chance of survival.
If you own a business, life insurance is definitely worth looking into. Life insurance can cover business loans, provide your beneficiaries with money they may need to dissolve or sell your business; or, it could provide insurance coverage for another employee that may be key to the future success of the business.