When you get life insurance, you may think it will never be used or that it is an investment for later on. But Life Insurance is not for you. It is something you do for your family, your spouse, your kids or your business. It's a way to help your loved one's when you are not there. It's a security blanket kind of thing. Even though you think you are never going to use it, it's good to know that it's there.
Life Insurance can be an important tool in the following situations:
Income replacement for dependents- Life Insurance can replace your income in your untimely death, especially if your family depends on your income. This is so important for parents with young children and/or couples in which survivor would be financially stricken by the lost income through the death of a partner. Also, to dependent adults, such as parents, siblings or adult children who continue to rely on you financially.
Create an inheritance for your heirs- You can create an inheritance by buying a life insurance policy and naming your heis as beneficiaries, even if you have no other assets to pass on to your heirs.
Pay burial costs- Life insurance can pay funeral and burial costs, probate and other estate administration costs, debts and medical expenses not covered by health insurance.
Create a savings plan- Some types of Life Insurance create cash valuethat, if not paid out as a death benefit, can be borrowed or withdrawn on the owner's request.
Pay Estate Taxes- Pay estate taxes so that your heirs will not have to liquidate other assets or take a smaller inheritance.
Make significant charitable contributions- YOu can name a charity as your beneficiary.
Don't wait until you can't qualify for life insurance. Call today for more information about information about what Doug Motz Insurance Agency can do to help you and your family. 760-200-0270
Doug W. Motz is affiliated with Farmer's Insurance & Financial Solutions
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