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What is lifetime insurance | What is Term Life?

6 Benefits with lifetime insurance

1. Life insurance is cheap.

The majority of Americans overestimate how much life insurance costs by three times. I challenge you to go to our term quoting tool and see how little a policy can cost you. You may be surprised.

2. The death benefit is generally tax-free.

IRA benefits will be taxed. Social security benefits are often taxed. Your 401 (k) benefits are taxed. Most pensions are taxed.

But life insurance benefits? No tax – 99% of the time. There are some situations where life insurance payments are taxed, but our agents can help you avoid that situation.

»Read more: How is life insurance taxed?

3. Life insurance is exempt from estate registration.

If you die, many assets first go through estate registration (a process supervised by a court) before being transferred to heirs. Estate registration can be costly and time consuming.

Death benefits from life insurance do not go through estate registration (unless you mention your property or a minor child as your beneficiary ̵

1; do not do this) so your beneficiaries will get the money much faster.

4 . The term can be converted to permanent free.

Most term policies automatically include a "term conversion rider" at no cost. Along the way, if you decide you want a lifetime coverage, you can turn your insurance into a permanent insurance policy without having to go through insurance again.

Why is this beneficial you wonder? Well, let's say you bought a 20 year old insurance policy and then were diagnosed with stage 4 breast cancer. Normally, an invasive cancer diagnosis is a decline, but not with a conversion rider. The life insurance company can not reject you or take your diagnosis into account when determining the premiums for your permanent insurance.

»Read more: What is a thermal conversion rider?

5. You can receive early benefits if you are diagnosed with a fatal disease.

Most insurances also automatically include a policyholder with accelerated death benefit at no cost.

As an example, let's say you have a life insurance policy of $ 500,000 and gets a diagnosis of heart failure and was given nine months to live. Your specific life insurance company allows you to take out up to 75% of the benefit. You decide to take out half of the benefit ($ 250,000) to control everything from your bucket list. When you pass away, your beneficiaries will still receive the remaining $ 250,000.

»Read more: Accelerated Death Benefit Rider: What It Is and Why It's Free on Most Policies

6. Your loved ones are financially protected.

Life insurance is best known as "income compensation". If you have a family that trusts you and you die prematurely without life insurance, what happens to them? They are struggling emotionally and financially. If you die with life insurance, your loved ones will still mourn, but they can pay the bills. They can live in their home. They can go to college.

Get a life insurance policy. Do not expect that your loved ones will have to turn to family, friends or even strangers, as with a GoFundMe account, to pay for your funeral or for their groceries.

10 reasons why you can buy a life insurance

  1. You need a policy to secure a business loan until it is repaid.
  2. You divorce and your settlement requires a policy to ensure maintenance of spouses or child support until the age of 18.
  3. You buy a home and demand insurance until your mortgage is paid in full.
  4. You have a family (spouse, husband or children) who is dependent on your financial support. You need a policy to replace your earned income.
  5. You want to leave some money to your family or pay for your final expenses.
  6. You are a key person in a business and your death would have a negative impact on your success. business. You need insurance as part of your business plan.
  7. You want to use life insurance to offset the inheritance from a family farm or business.
  8. You want to donate to a favorite cause or charity through life insurance.
  9. You do not want to leave your debt behind after you die. Your insurance will pay off.
  10. You want to finance your child's education, wedding or other important milestone even if you can not be present to witness the big day.

With how affordable insurance is and how easy it can be to buy, there is no excuse not to have it. Start the process by getting a free, anonymous term quote today.

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