Life Insurance

Life Insurance is an essential part of financial planning for everyone, usually put in place to cover some portion of income that would be lost at the death of a wage earner.

One very important feature of life insurance is that there is no income tax payable on proceeds that are paid to beneficiaries. The money provided by life insurance can help ensure that:

  • Loved ones are not saddled with a significant amount of debt when you die
  • Dependents won’t have to sell vital assets to pay outstanding bills or taxes
  • Future needs of dependents, such as higher education, are financed
  • Spousal retirement plans are protected
  • A family business keeps going

Granting employer-paid life insurance provides the employee with life insurance coverage while typically foregoing medical underwriting, which some employees may see as an added benefit.