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Give gift of life insurance this holiday season



The holidays are approaching, and you may be wondering what to give your children or grandchildren. Life insurance can be the perfect gift. When purchased for a younger person, the premium cost is much lower. Hellivsförsäkring has the advantage of being an asset that can be borrowed against, provide tax benefits and financial security.

Buying an insurance for a child
Buying an insurance for a child under eighteen years is a fantastic way to lock in low premiums when a child is healthy and will help ensure that they qualify for life insurance later, even if a health condition develops. You will have to pay the premiums for the child until it joins the workforce, or you can continue to pay the premiums. When the child reaches adulthood, you can transfer ownership of the insurance to them. The cash value of the insurance can help the person pay for college or can afford a down payment on a first home.

Buying insurance for an adult child
If your child is already an adult, buying them life gift insurance can help them to get more financial security if the unexpected happens. The death of a father, mother, husband or wife can cause the family to struggle to survive. This is when life insurance is particularly meaningful, as the benefits are issued quickly and will be needed, especially if the estate must go through estate registration or a large final tax bill is due.

How to buy life insurance as a gift [1

9659003] To buy a life insurance for another person, you must have a so-called “insurable interest” in that person. This is the basis for the purchase of all life insurance policies. A family member can suffer financial stress when a family member dies or is unable to work. The insurance can not be written without the insured's knowledge, or in the case of children, the parents. Buying life insurance for a young person can bring many significant benefits.

Give to your charity: a gift from holiday life insurance
You can buy a life insurance for the benefit of your favorite charity or religious institution. Upon your death, the benefits go from the insurance to the charity, which provides much-needed – and appreciated – financial support to the group. While you live, you remain the insurance owner and pay the premiums and appoint the charity you choose as the beneficiary. You can also name more than one beneficiary, so the death benefit goes to more than one person or charity. This strategy can also provide some tax benefits.

Provide a Life Insurance
When considering what to buy for your loved ones for the holidays, a life insurance policy may not be in focus – but these gifts are appreciated. The best insurances are lifelong insurances, as they build a cash value over time and become an asset that the owner can borrow against. Should the person covered die, the cash benefit is paid without incurring any tax debt.

Do you need help?
If you need help buying insurance as a gift, our friendly local agents can explain your options and find the policy which will work best for you and your budget, and give the best benefits to your loved ones or the charity of your choice.


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