Life and Health

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         A life insurance policy is a contract with an insurance company. In exchange for premium payments, the insurance company provides a lump-sum payment, known as a death benefit, to beneficiaries upon the insured’s death.

Typically, life insurance is chosen based on the needs and goals of the owner. Term life insurance generally provides protection for a set period of time, while permanent insurance, such as whole and universal life, provides lifetime coverage. It’s important to note that death benefits from all types of life insurance are generally income tax-free.

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1.Substitute Income for Dependents
 
If someone relies on your income to live, your life insurance can replace that income for them if something happens to you. The most commonly recognized case of this is parents with young children. However, it can also apply to couples in which the survivor would be financially stricken by the income lost through the death of a partner, and to dependent adults, such as parents, siblings or adult children who continue to rely on you financially. Insurance to replace your income can be especially useful if the government- or employer-sponsored benefits of your surviving spouse or domestic partner will be reduced after your death.

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2.Provide an Inheritance for Your Legacy
 
Even if you don’t have a chest full of treasure to give to your heirs, you can create an inheritance by buying a life insurance policy and naming them as beneficiaries.

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3. All Expenses Paid
 
Life insurance covers all of those crazy medical expenses, funeral, burial costs, probate, and estate administration costs not covered by health insurance
 

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4.A Separate Source of Savings
 
If you get specific type of life insurance, it can create a cash value that, if not paid out as a death benefit, can be borrowed or withdrawn on the owner’s request. Since paying one’s life insurance is a high priority, buying a cash-value type policy can create a kind of “forced” savings plan. Furthermore, the interest credited is tax deferred (and tax exempt if the money is paid as a death claim).

 

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5.Give to The Cause of Your Choice
 
By making a charity the beneficiary of your life insurance, you can make a much larger contribution than if you donated the money equivalent of the policy’s premiums.

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6.Pay Federal and State Death Taxes
 
Life insurance benefits can pay estate taxes so that your heirs will not have to liquidate other assets or take a smaller inheritance. Changes in the federal “death” tax rules will likely lessen the impact of this tax on some people, but some states are offsetting those federal decreases with increases in their state-level “death” taxes.

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