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Life insurance might be considered a boring topic to some, but the reality is that it's a critical and powerful tool, that might do more than you know. But with options like Whole life, Term and Universal, which is actually best for you?
Below, find out a little more about just how you can leverage this product, what it can provide, and why it's so important to contact a Smith Insurance agent when making your decision.
Life insurance policy benefits can be used to help pay for final expenses after you pass away. This may include funeral or cremation costs, medical bills not covered by health insurance, estate settlement costs and other unpaid obligations. Final cost expenses are what we typically think of when we buy life insurance, but the truth is, it can do SO MUCH more. Keep reading to find out.
Some people purchase life insurance with the intention of leaving the death benefit as an inheritance to their loved ones. If you'd like to have a specific person receive your benefits as an inheritance, the insurance information institute suggests naming your chosen heir as the beneficiary on your policy. This will ensure that your life insurance benefits fall into the hands of the person you intended to receive it.
PAYING FEDERAL OF STATE ESTATE TAXES
Depending on state laws, your heirs may need to pay an estate tax upon receiving an inheritance. Life insurance benefits may be used to partially or completely offset this cost. It's a good idea to consult with your insurance provider at Smith Insurance to understand how estate taxes may affect your beneficiaries.
Life insurance policies can also be created with your favorite charity as a named beneficiary. This can help ensure your philanthropic goals are met after you pass away, and that benefits are provided to your charity of choice.
Life insurance can be a sensitive topic, but it can help provide a more secure financial future for your family if the unexpected happens. Contacting an agent at Smith Insurance can help you better understand the types of life insurance and determine what kind of policy fits you and your family's needs.
Selecting the right type of life insurance can be complicated, depending on what your goals are. Give us a call for simple and easy to understand answers to your life insurance questions.