Are There Benefits To Life Insurance?

A great question we get asked is, Are there benefits to life insurance? There are benefits. One of the main benefits is a tax-free payout to the beneficiary. And there are so many more, too!

Life insurance provides cash to help your loved ones replace your lost income when you pass away. Beneficiaries can use these funds for anything they like from covering funeral expenses, living expenses, mortgage payments or just day to day expenses. A benefit for life insurance is knowing that your loved ones are financially secure.

There are many types of life insurance policies and all of them have different benefits. The more insurance you have the more benefits your loved ones will receive. A rule of thumb most insurance agents suggest for life insurance is aiming for 10-15 times your income. You’ll want to project what the cash will be used for by your loved ones. Will they pay off the mortgage or have to sell the house? If you are the sole provider, will they be able to live off the benefits? If you are a single parent, could your children support themselves from the benefits? If you didn’t bring in another paycheck, what would happen to your family? Because a life insurance benefit is a tax-free lump sum of money, your beneficiary can use the cash however they wish.

Just remember the biggest benefit of life insurance is that your beneficiaries can use the cash to cover any of their expenses.

To find out more about life insurance, Call Advanced Insurance Concepts today and Jim Rooney will work with you to find the answer. Advanced Insurance Concepts works with a variety of insurance companies and all Medicare Advantage providers in Missouri and Kansas. He is licensed to sell Health, Life and Accident Insurance, so call Jim Rooney for all your insurance needs.