If you are considering buying a life insurance policy, you may be wondering if the benefits justify the cost. Life insurance can offer many financial advantages above and beyond the obvious fact of caring for your family following your death. Here are a few reasons life insurance can be an excellent investment.
Final Expenses and Debt Reduction
One of the main reasons for having life insurance is to make sure your family is financially provided for following your death. This includes having enough money to cover final expenses and pay off any remaining debts. You can also use your life insurance fund to create accounts for your children or grandchildren to pay for college.
Estate Tax Coverage
Oftentimes, survivors face significant estate taxes when receiving an inheritance. Your life insurance policy can be used to offset those additional expenses so your survivors can truly benefit from inheritance money rather than viewing it as a financial and tax burden.
If philanthropy is an important part of your life, you can actually name a charitable institution as the beneficiary of your life insurance policy. This gives you peace of mind knowing the causes important to you will still be provided for following your death.
Life insurance can offer many benefits to you, your family and any other beneficiaries. The policy can be used to cover final expenses and estate taxes, as well as make a last contribution to a charity. To learn more about the benefits of life insurance, call Sachs Walsh Insurance.