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Why should I consider buying life insurance?
For many reasons, we can start with these five.
Insurance Coverage for Every Aspect of Life
Life is full of milestones. Starting your career, getting married, growing your family, starting a business, and retiring are just some of the amazing things we experience.
Protection in the event of your death, life insurance provides for your loved ones in several ways.
- financial protection
- burial expenses
- eliminating outstanding debts
- ongoing living expense
There are several other reasons why you should consider buying life insurance:
Life insurance is a useful tool for increasing your estate. Strategic Estate Planning can help you pass on your assets to your heirs in a tax-efficient manner and provide liquidity to pay estate taxes and other expenses.
If you are a business owner life insurance has business purposes and can help protect your business; from financial losses due to the death of a key employee or business partner, funding buy-sell agreements, to ensure a smooth transfer of ownership in case of an owner's death.
When to buy. The younger and healthier you are when you purchase life insurance, the lower your premiums are likely to be. By purchasing life insurance early, you can lock in a lower premium rate and potentially save money over the long term.
Knowing that you have life insurance can provide peace of mind, knowing that your loved ones will be taken care of if something unexpected were to happen to you.
Overall, life insurance is a flexible and valuable tool to provide financial protection direction and support for your loved ones. Ensuring your assets are distributed as you intended.
Do you or will you have a spouse, children, or aging parents relying on your income?
A properly structured life insurance strategy will give you the peace of mind of knowing that if your ticket gets punched the people you care about are still going to be provided for in their future.
Youth is a mindset; we can feel young at any age. This is not the case with insurance companies. Your literal age determines the amount of your premium so buy a policy when you are young.
In business you buy low and sell high. In insurance you buy young and live long. You will never out live your expenses, although, you don't want to leave them for your heirs.
When you buy an insurance policy in your twenties in twenty to thirty years you can be your own bank and borrow from your own policy to cover an emergency.
Buying insurance at a young age gives you options, you can buy as many policies as you want to pay for and working with a savvy tax professional you can amass a significant amount of assets.
You can have predetermined buyout amounts established in your business among the partners and in the event of their death everyone is paid according to the predetermined agreement. This eliminates, stress, fighting, and unnecessary legal fees.