Your legacy – what will it be and how will you be remembered as you pass? A guaranteed death benefit provides financial support when your loved ones need it most. The insurance benefits can be used to buy property, support the family, pay for college tuition, travel or whatever your loved ones choose, but one thing you can trust – the legacy you leave with you with life insurance will be appreciated as an act of love. The income from a life insurance is usually tax-free, liquid and not subject to a long-term will examination.
These insurances are adapted to match the needs of the individual. The death benefit paid through life insurance can provide for your loved ones in a way that the rest of your property cannot. Life insurance benefits in the event of death are generally not taxed and are paid out quickly. The rest of your property may need to go through estate registration, which can take months or years for larger, more complex properties. Your death insurance compensation on death allows your loved ones to remain financially secure when you pass away.
A Legacy for Your Favorite Charitable Organization
Giving back to your religious institution or charity can leave your legacy live on. This process may involve you appointing a trust as the beneficiary of your insurance with instructions to pay a predetermined amount of the benefit to the charity of your choice.
A Scholarship as a Your Legacy
You may want to establish a scholarship to an educational institution you believe in, or your alma mater. These scholarships benefit worthy students who show promise but cannot afford the cost of tuition. A scholarship can be set up in several ways, but usually requires a donation of at least $ 25,000, which is added to the school's scholarship fund. A life insurance policy is an ideal way to establish a scholarship as an inheritance.
Creating a park or playground as your inheritance
A life insurance policy can be purchased to benefit your city or town, to establish or rebuild a park or playground. City funds are always in demand, and the parks and playgrounds may be in disrepair, or there may simply not be enough. Your life insurance compensation in the event of death can go to a foundation that allocates the money needed to create a more aesthetic environment where children can play safely in your city or town.
Your loved ones
You do not have to be a rich individual to leave a legacy to your loved ones. The earlier in life you buy a life insurance policy, the lower the premiums will be. If you are a parent with young children and in good health, creating a life insurance policy is a crucial aspect of your financial planning. Should a sudden accident occur, will your loved ones not suffer a financial disaster, but will they have the means they need? Some of the life insurance can be used to pay any taxes on your property, so your loved ones are not forced to sell their home or property to cover a final tax bill.
Is it time to put a life insurance policy in place? Our local agents can help you find the ideal older life insurance policy that fits your budget and your needs.