Top Reasons People Buy Life Insurance

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Posted on 16th June 2014 by Rita in How To's of Life Insurance |Life Insurance

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memorial planning guideIncome Replacement
Protecting loved ones with replacement of income. Financial Hardship is one of the main motivations for most, to buy life insurance. Life insurance can provide finances for a growing family, living expenses, college tuition and retirement to name a few.

Safeguard Home and Business
For many, the monthly mortgage payment and housing costs are the largest debts in their budget. Life insurance policies can be tailored to cover these expenses in the event of a tragedy.

For business owners, a life insurance policy can be customized for your family to buy out a surviving business partner. Or on the other side of this you may want to provide an efficient means for a business transfer.

Funeral and Burial Costs
Final arrangement expenses can be devastating. Including coverage in your life insurance policy to cover expenses related to final arrangements will give loved ones the funds needed to carry out your final wishes.

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Inheritance or Savings
Providing a monetary gift along with loving memories. Life insurance is a safe and sure way to leave a monetary gift to your children, grandchildren and loved ones. As a side note, benefits become the property of its beneficiary therefore benefits paid to the beneficiary cannot be seized by the IRS or private creditors.

Source: The Law Dictionary
Can the IRS Seize Money from a Life Insurance Policy After It’s Paid to the Beneficiary?
Are You Taxed on Inherited Life Insurance Money?

Charitable Gift
You may have an organization you love and support. Therefore you may want to allocate a portion of your life insurance benefit to use as a charitable donation. Planning is key – you can buy life insurance now and designate your favorite organization as beneficiary in your policy.

 

ABOUT NORTH COAST LIFE INSURANCE
Established in 1965 in Spokane, WA. North Coast Life Insurance Company (NCL) is focused on providing solutions for you and those you love. Receive genuine personal service and guidance on all your insurance needs.
Note: This blog is designed for general information purposes only. All information presented on this site should not be interpreted as legal advice and the author assumes no responsibility or liability for the actions taken or not taken by the readers based upon such information. For legal and tax advice contact your attorney or tax adviser.
Rita Sollie, Direct Insurance Representative with North Coast Life Insurance Company (NCL). Providing solutions for your financial needs. INSTANT Term-Life Quote: www.insureyourfamily.com
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Contact info: Phone: 800.541.5858 Email: rita.sollie@nclife.com or Live Chat below.