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The tax season can be a perfect time to buy life insurance

Making a refund check from the Internal Revenue Service provides a good good day. A refund gives you the chance to put the money at work to improve your financial future in some powerful ways. It's enough money to get excited about everything you can do with your money. In fact, nearly 90 percent of the taxpayers with toddlers expect a refund this year, according to Haven Life's tax season survey.

The possibility of repayment check can show you pictures of you lying on a tropical beach somewhere sipping with a nice drink with an umbrella in it. However, a refund check is also a big excuse to take some of the cash and buy life insurance to protect your loved ones. But only 5 percent of families with children plan to use the repayment to buy life insurance based on the taxpayers we investigated.

Certainly, life insurance may not seem to be an obvious or exciting choice, but we will explain why it can be a financial heroic move.

Maximizing Your Refund

With tax time in mind, it is a good idea to compile a game plan for your refund check. Chances are that if you don't have a plan in place, your refund will disappear just like any money in your bank account. So why not have the best of both worlds: use some of your repayment for fun and the rest to drive you financially.

There are lots of gold medal things you can check out your financial list with your refund check. The options are unlimited, but here are some of the winners.

All of the above are good ideas, and you can't go wrong, but how about taking the opportunity to add a life insurance on the spot? Before deciding that there are one million things on your list before life insurance, consider the powerful benefits.

  • Life insurance is a great way to protect your loved ones and give you some money if something happens to you.
  • Life insurance death benefits are generally tax-free and can be used to help pay debts you have left or the mortgage, put against college for your children or help replace lost income.
  • Life insurance can provide amazing leverage for your money. Term life insurance is affordable and a powerful way to leverage a significant amount of money for a relatively small amount of premium. More about this below.
  • Having a little life insurance on site can give you peace when you go to bed at night. There is no crystal ball that can tell us how our life will play out. Why not be prepared and protect your family?
  • Individual life insurance (the kind you can buy outside your job) remains with you for the duration you want to buy (10 years, 15 years, 20 years, 30 years). As long as you pay the premiums, you are covered for this term.

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Let's talk leverage

That's true; The payment from a life insurance can be used to pay daily expenses now and can also be set against long-term costs along the way for your recipients. The alone would be enough to see if life insurance is suitable for you. Life insurance also provides excellent leverage for your dollars.

For example, a 30-year-old woman with excellent health seeking a $ 500,000 life insurance, 20 years, can pay $ 19.46 per month for a holiday period policy issued by MassMutual. It's just $ 233.52 a year, or $ 4,670.40 to claim $ 500,000 of life insurance coverage for 20 years. Now it is a little powerful leverage. Get your life insurance quote here.

Life insurance can provide amazing benefits for your loved ones, all without breaking the bank to buy a policy. Yes, life insurance is not for everyone. If you are one of those tourists who expect a return check, why not spend some money on buying a life insurance policy.

Shannah Compton Game is a certified financial planner with an MBA and is host to the award-winning podcast Millennial Money, where she shares quite relative and easy to understand financial advice that actually allows you to talk about money.

Haven Life doesn provide tax, legal or investment advice. This discussion is only intended for general education. We encourage you to work with your own personal tax or legal entities and your financial adviser.

Haven Term is a Term Life Insurance Policy (ICC17DTC) issued by Massachusetts Mutual Life Insurance Company (MassMutual), Springfield, MA 01111 and offered exclusively by the Haven Life Insurance Agency, LLC. The number and features of policies and riders may vary by state and may not be available in all states. In New York, Haven Term DTC-NY is 1017. Our license number in California is OK71922 and in Arkansas, 100139527.

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