No one likes to talk about life insurance, but NIB offers these policies as an obvious need. However, there is more to life insurance than simply covering the cost of a death. Life insurance policies can help ensure your business partner(s) can continue the business successfully or be an investment. Life insurance as an investment is often overlooked. However, a life insurance policy is a very easy and often cheap way to invest in your future. Permanent life insurance policies can be borrowed against later, and in the present, they immediately create an estate asset.
Life insurance payouts pass to heirs without any taxes or probate fees. This makes it an excellent tool to pay for probate, trust fees, and estate taxes. That way it pays for the rest of your estate to pass freely, or at least more cheaply. Life insurance can also be used to aid buy-sell agreements. (Equipping your family to buy your interest in a partnership, funding the business in a joint venture LLC or corporation, etc.).
Finally, life insurance can be a tool to help save for your children’s education. Many parents are paying for cash-value life insurance policies, which act like a savings account with tax-free withdrawal later. These serve as a protection if the primary bread winner passes away before college can be paid for. We can help you plan ahead and get the plan that’s right for you and your family.