Create financial protection for your family
- Creating financial protection for your loved ones is the main purpose of life insurance although it fits many different uses. Even a stay-at-home parent should consider life insurance as replacing child care can be very costly.
- Later in life, life insurance can be a valuable tool to make sure your spouse doesn’t struggle alone during retirement. Not to mention, access to living benefits significantly reduces financial strain if a serious illness were to occur.
Build equity to supplement future income needs
- Your life insurance policy may provide funds in situations where you need money, say for a child’s college tuition, additional retirement income or an emergency.
- Special features include no annual contribution limits or income eligibility limits and no penalties on distributions.
- Having life insurance can reduce the impact of a down market as life insurance funds can be used as an alternate source of income.
Leave a legacy to the ones you love
- Some assets could be fully taxed when passed onto beneficiaries immediately reducing the net value of the inheritance. The income tax-free death benefit provided can help minimize the total adverse tax implications.