13 May Life Insurance, Not Just Important, Vital
Being in the insurance business this long, we’ve heard every misconception that our clients and consumers can have when it comes to the facts about life insurance products. These misunderstandings include what each product does, how they should be used, and the best decisions to make when purchasing a product. However, the most important fact everyone should know is: having a life insurance policy is vital to a good quality of life now, after we’ve left this earth, and apart of a strong financial portfolio.
Because concepts like living our life, how we take care of our personal health, and dying are main subjects of discussion, it can be difficult for people to think clearly about how they will protect themselves with a life insurance policy or if they can afford one at all. Insuraty is dedicated to educating consumers and helping them to see the best route forward in their lives in regards to purchasing a life insurance policy.
Here are 5 common misunderstandings about securing a life insurance policy today:
- Life insurance is only for when I die, and burials aren’t that expensive….
- This is just not true, there are many many reasons why and how a life insurance policy can help you grow and thrive financially! Keep reading the points below to learn more. Yes, many consumers use life insurance policies to handle the cost of their funeral and burial costs. However, even these events can run thousands of dollars depending on what you or your family have planned. Having the right conversations with your insurance broker will make sure you have the appropriate life insurance coverage for what you want when you pass.
- I dont have the money now….
- There are several kinds of life insurance policies you can purchase, Term tends to be cheaper than Universal and Whole Life coverage, so there are options. The younger and healthier you are, the lower your premiums can be. Some people have been able to have policies with premiums as low as $1 a day! As you get older and your life habits/health change, premiums stand a chance of increasing. Let a trained Insuraty agent or broker explain it all to you today!
- My loved ones will be inheriting other assets when I pass, I don’t need a life insurance policy….
- You may be planning to pass on a variety of assets to your loved ones when you pass like that vintage Porsche sitting in the garage, your house, or other family heirlooms. However, depending on the assets, many are taxable when they are passed from the deceased to a family member. Life insurance policies can be used to help pay the cost of these taxes and ensure you are giving your family exactly what you intended. Life insurance policies Generally speaking, when the beneficiary of a life insurance policy receives the death benefit, this money is not counted as taxable income, and the beneficiary does not have to pay taxes on it. However, a few situations exist in which the beneficiary is taxed on some or all of a policy’s proceeds.
- I plan to pass on my personal business to my family when I die….
- If you own a personal business, or part of one in a relationship with one or more owners it is vital that you secure a life insurance policy. You may think that your company holds X amount of value, but there are often a variety of un-seen costs to maintaining and growing a business. Your family members may not have the ability to maintain your business while also coping with your loss. Additionally, by having a life insurance policy when multiple owners are involved, this gives your beneficiary the financial freedom to do what is right with your share, and even potentially buy other owners out, etc.
- I have plenty of investments….
- The common sage advice regarding investing is diversify, diversify, diversify! It is not that strange to think that a life insurance policy is just another vehicle to do just that. When you understand the products you are looking at and how they can be accessed, using a life insurance policy can actually be a smart tool to add to your investment game and reach your intended portfolio!
Life insurance policies can also be used for financial planning including college planning, paying off debts, and more. There is much more we could go into today that would exceed this blog. Whatever the reason you choose to secure a life insurance policy, we at Insuarty believe it is a vital insurance coverage that everyone should hold.
Call or email us today to schedule a free consultation and learn how life insurance can help you be stronger financially and smarter in this life, and the next!
Phone: (301) 249-9554
Insuraty Health Tip
Believe it or not, there are studies that show the color of our environment can affect our thinking patterns and moods! Green has been proven to increase creativity and put us in a relaxed mind state. Experts suggest painting your workplace a bright, light sea-foam green or sage to feel the benefits. If you can’t paint your office space, use a green backdrop in your cubicle or add green items to your workspace.
Insuraty is a benefits brokerage and human resources outsourcing firm that supports many aspects of positive expansion and growth with its clients and their businesses. If you have questions in regards to your human resources, health insurance, life, 401k retirement savings or other benefits coverage please don’t hesitate to contact us today.