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.

(click photo in this post for your FREE Personal Planning Guide)

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
Prefer to speak with a local financial representative? Call or email your request and you will be connected with a representative in your area.
Contact info: Phone: 800.541.5858 Email: rita.sollie@nclife.com or Live Chat below.

How to support your favorite Charity with Life Insurance

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Posted on 22nd August 2011 by Rita in FREE Consumer Guides |How To's of Life Insurance |Life Insurance

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support your favorite charity with life insuranceWishing you could do more for the charities you love and support? Have you considered using life insurance as a charitable gift? It may be wise for some donors to consider using their life insurance policy as an effective and convenient means in providing their support.

In most cases a relatively small annual premium will bring in a significant death benefit at the donor’s death, which in-turn provides a substantial gift to the donors chosen charity. This may turn out to be a much more abundant gift than a donor is able to provide with other assets.

As with almost all life insurance policies, the benefits will not be subject to delays in probate or be reduced due to estate or income taxes. Compared to other assets a donor may have. In addition, the death benefit of a life insurance policy is less likely to be contested by the donor’s beneficiaries.

In many cases, the charity receiving a gifted life insurance policy will have less administration tasks involved compared to receiving other assets, such as real estate or business interests. An added benefit for charities when a donor is going to gift a whole life – life insurance policy. A charity can take advantage of the cash values in a policy through loans or withdrawals, while the donor is living.

If you currently have a life insurance policy and would like to gift part or all of the benefits to your favorite charity… in most cases it is fairly easy to do. Simply complete the transfer or change of beneficiary forms with the life insurance company that your policy is with.

Methods Available for Gifting Life Insurance Benefits:

  • Charitable Giving Riders
  • Policy Donations
  • Naming a Charity as Beneficiary
  • Gifting Policy Dividends

For more information on Final Expense insurance, contact North Coast Life, your insurance agent or financial representative. Need help finding a local representative? Call 800-541-5858 or send your request through our contact page via our website. Questions welcome via social media.


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). No gimmicks or schemes here, just genuine and honest service. We don’t sell insurance, we solve problems. I welcome the opportunity to show you what NCL can do for your Life Insurance and Financial needs.
View INSTANT Term-Life Quote: www.insureyourfamily.com
If you prefer to speak with a local financial representative, call or email your request and you will be connected with a representative in your area.
Contact info: Phone: 800.541.5858 Email: rita.sollie@nclife.com or Live Chat below.

The Gift of Life Insurance

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Posted on 25th November 2009 by Rita in Life Insurance |TERM Life Insurance

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Most of us are aware that Life insurance policies provide protection for your children, spouse or business. But have you ever thought of it as the Best Gift you could ever give your loved ones?

Life Insurance Gifts empower you to make a generous financial contribution to your loved ones when you may not have many assets. Your gift will help ensure the future of your family, children and loved ones to have a strong personal (more…)