Life insurance provides money to those who would be financially disadvantaged if the insured person died. It is literally paid to the beneficiary in cash, and is usually not taxable. It provides peace of mind to insured persons while they are still alive, because they don't have to worry about what would happen to those who are financially dependent on them, if they passed. It also provides a legacy of the deceased person in the minds and hearts of those who received the death benefit.
What does Life Insurance provide - CASH when it is needed most, i.e., upon the death of the insured! Cash to pay the insured's funeral expenses, for payment of debts, (Credit Card, Car & Mortgage loans, and estate taxes if applicable) to providing money for children's education expenses and a to provide a lifetime of income for the Survivor. Some insureds designate a favorite charity to receive their life insurance proceeds.
Life insurance provides your beneficiaries, business partners and charitable organizations the financial peace of mind knowing that they are taken of if your demise occurs. A non-modified endowment contract life insurance with minimum death benefit held for the life of the insured can generate tax advantaged distributions. And life insurance can play be a financial leverage in paying estate taxes, charitable donations and making a difference in your children’s and grandchildren’s future.
Agent Owner, Gilmore Insurance Services, Marysville, Washington State
What does life insurance provide? For me, piece of mind and control. The piece of mind comes from the fact that I have thought about my family and had taken steps to provide for them if for any reason I pass away.
The control part comes from the type of life insurance I chose to own. I own whole life. The insurance company can't raise the premium on me, can't do anything to the policy without my consent and the policy can't go backwards in cash values.
That's what life insurance provides me. It may be something entirely different for someone else.
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The control part comes from the type of life insurance I chose to own. I own whole life. The insurance company can't raise the premium on me, can't do anything to the policy without my consent and the policy can't go backwards in cash values.
That's what life insurance provides me. It may be something entirely different for someone else.