Life Insurance
Life insurance is an essential part of financial planning for everyone. The main reason most people buy life insurance is to replace income that would be lost with the death of a wage earner. The cash provided by life insurance can help to make sure that your loved ones are not saddled with a significant amount of debt when you die. Life insurance proceeds could be the difference that means your dependents won't have to sell vital assets to pay outstanding bills or taxes.
One very important feature of life insurance is that there is no income tax payable on proceeds that are paid to beneficiaries.
Life insurance proceeds can help pay the bills, keep a family business going, finance future needs (like your children's continuing education), protect your spouse's retirement plans, and a great deal more. Granting employer-paid life insurance to employees provides the employee with life insurance coverage while typically foregoing medical underwriting.
Overview
