Things You May Not Know About Life Insurance
Life insurance can be a great benefit you and your as it provides them with many benefits. These benefits are not just when the individual passes away. There are what we call living benefits. In many cases, these can be very compelling reasons for the client to consider life insurance. These can be used to help you understand the true value of life insurance.
1. Show Me The Money
Some permanent life insurance policies include a cash value, meaning there’s financial potential that can be applied towards college tuition or even supplemental income for retirement.
2. Allows You To Pay Less In Taxes
Proceeds are generally income tax-free to beneficiaries. And when properly structured, are not considered part of your estate and therefore safeguarded against estate taxes. Plus, there’s room for tax-deferred growth, tax-favored loans, and tax-friendly withdrawals
3. The Price is Right
Most people overestimate the total cost to be almost twice what it really is. Term life insurance rate are coming down; in fact, they have never been more cost-effective.
4. More Valuable Than You Think
Imagine a family of four living off a single 60k annual income. If that income was to suddenly disappear at the age of 40, it accumulates to a total loss of 1.2 million over only 20 years. That’s well over the amount the average person could save on their own.
5. It’s Portable
Most life insurance products can follow you from job to job. This allows you to adjust limits and other terms as you need to.
6. Receive A Guaranteed Income In Retirement
While you are alive, you can also get an annuity from permanent life insurance instead of later providing a death benefit to relatives and others.
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