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Why should you have Life Insurance?
Life insurance protects the financial security of your family or others who rely on you for financial support including spouse, parent, child or business partners.
Some of the protections life insurance can provide include:
- Helping your family replace your lost income.
- Paying off loans – car, home, education, business, etc.
- Covering medical or other expenses related to death.
- Maintaining your family’s standard of living by providing funds for expenses such as mortgages, school, food, clothes, vacations, entertainment, etc.
- Allowing survivors flexibility so they don’t have to alter their living or job situations immediately following the provider’s death.
- Equalizing estates among beneficiaries – particularly when much of the estate assets are in real estate or a family business.
- Providing cash for estate taxes or a large charitable contribution at death.
Beacon works with many quality life insurance companies. We provide both Term Life Insurance ( policies that pay a death benefit for a fixed number of years or until a certain age) and Permanent Life Insurance ( policies that are generally designed to provide a death benefit if death occurs at any age, and also maintain a saving component (cash value) that could be used in lieu of the death benefit while the insured is alive)
Life insurance is a tax advantaged product. In most cases, there is no income tax on a life insurance payment. Also, cash value growth in a Permanent Life policy is tax deferred, and is usually income tax free if used to support a death benefit. Beacon professionals can help you design life insurance plans that take advantage of these tax benefits while providing financial protection for your family.
Learn more about life insurance at the Insurance Information Institute's web site: www.iii.org/individuals/life/
Compute how much life insurance you need to protect your family at Principal Financial Group’s web site: www.principal.com life insurance calculator