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Life insurance policies provide:
- Funding to pay off a mortgage at death.
- Income replacement for a spouse. In making an insurance
need analysis, we often forget or underestimate the dollar
value of work done in the home by both husband and wife.
- Funding for college education. Either at death, or, during
life, policy cash values can help pay college costs.1
funds to repay loans or other debts owed by the decedent.
Life insurance proceeds provide cash to pay estate obligations
and help provide the survivors with a debt free start.
- Liquidation to pay death taxes and estate costs, thus avoiding
the necessity of liquidating valuable assets to pay these
expenses. Note that Federal Estate Taxes are due only
9 months after death.
- Funding for an orderly transfer of a business interest
at death. Business owners may have an agreement to buy
the interest owned by a decedent, but lack the cash to
pay for the decedent’s share of the business.
- Funding for a business at the death of a key employee.
Insurance proceeds can be used to recruit, hire and train
a replacement. The proceeds can also provide working
capital to help offset financial losses due to the loss
of the key person’s services.
1 Life insurance policy cash values are accessed through
withdrawals and/or policy loans. Loans are generally not
taxable. Withdrawals may be taxable under some circumstances.
Unpaid loans and/or withdrawals will cause a reduction
in the policy cash values and death benefits. Please consult
with your tax advisor for advice regarding your particular
How much life insurance
do I need?
Are you ready to move forward? Call us today at 281-852-3333 or click here to shoot us an email.