10 Reasons to Get Life Insurance

Posted by Joel pate in Uncategorized. Tagged:

Life insurance can be an important part of your financial planning. Many don’t even know why they might need life insurance. Luckily, there are tools to help answer your questions about this important decision.
To determine how much life insurance you may need, it’s a good idea to know exactly why you are buying it in the first place. This legal contract between an insured and an insurer, usually a life insurance company, requires premiums and guarantees a payment given to the insured’s named beneficiary upon his or her death. But insurance proceeds can go toward a number of different financial obligations. Check out the following reasons you may want to consider purchasing life insurance:
No. 1: Income replacement
If you are a breadwinner in your home, insurance can help pay the bills or offer savings potential when your income is no longer coming in.
No. 2: Final expenses
With funeral and burial costs often totaling more than $10,000, the death of a loved one can leave quite a financial burden on the family. Life insurance can help subsidize or cover these and other expenses, like unpaid medical costs.
No. 3: Estate liquidity
When an estate is inherited, there are many taxes your beneficiary will have to cover. From paying income taxes to federal estate and state inheritance taxes, insurance policies can provide some help to defray these costs.
No. 4: Locking in a low premium
Premiums increase as people age. To optimize benefits, buying life insurance at a young age can lock in a low premium. One’s health is also often a factor in determining the cost of insurance; the younger you are, the healthier you’re likely to be.
No. 5: Transfer family wealth
Life insurance policies can allow you to leave more money to your family as part of your estate.
No. 6: Build cash value
Whole or universal life policies offer a tax-advantaged way to build cash value. That cash can often be tapped prior to the death of the insured.
No. 7: Cover debts
A life insurance policy can help pay off a mortgage loan so beneficiaries can continue to live in the home by removing the immediate need to sell it. Debt can be inherited and then follow your family around for years if they have to go into foreclosure or even declare bankruptcy.
No. 8: Business succession
For a family business or some other enterprise, the continuity and succession may require costs like a stock redemption buy/sell agreement or cross-purchase. To protect your descendants and your company, life insurance can provide important funds.
No. 9: Tax benefits
Especially advantageous for high-income earners, policies can provide a tax shelter and offer an alternative to IRA options.
No. 10: Charitable gift
A life insurance policy can help make a big impact to a cause that was important to the newly deceased. This could be done by donating the policy to charity or by naming the charity as a beneficiary.
Once you’ve decided you need life insurance, it’s a good idea to research options and compare policies to meet your needs. But don’t wait until it’s literally too late. Life has a way of throwing us curves when we least expect them.

By: AJ Smith, www.credit.com

About Scoreinc.com

Scoreinc.com, Inc., headquarter in Mayaguez Puerto Rico USA, with offices in Mobile Alabama, is a leading provider of services to the derogatory credit sector of the financial service industry through its Scoreway® Software Solution and credit report accuracy dispute services. The Scoreway® platform provides an end-to-end management solution that helps the companies that we serve manage the credit review and dispute process and to improve controls and profitability. Scoreinc.com services an ever growing list of mortgage company’s, banks, credit unions, Realtors®, builders and credit service organizations through its innovative technology and credit report accuracy service.

Contact Score for more information at 877-876-5921 or by visiting the following pages:
Credit Repair Merchant Service
Fair Debt Collection Practices-learn to earn from FDCPA
Credit Repair Business Training
Credit Repair Software
Credit Repair Solution

For more details please visit Scoreinc.com