Life insurance is designed to protect you and your loved ones against unforeseeable events, ensuring they are taken care of, especially in the event of your death.
If your loved ones are likely to suffer financially in the event of your death, chances are that you will need a life insurance policy in place in order to provide cash to your family, ensuring they are financially stable and taken care of.
Life Insurance And Death Benefits
This cash, which is often referred to as a death benefit, will replace your income, helping your family meet important financial needs. From managing daily living expenses, to paying for end of life expenses, to funeral costs, a death benefit will cover it all.
Even if your children are grown, and are no longer living in your home, you may still want to invest in a life insurance policy to ensure all of your debts are covered, avoiding leaving your loved ones with the burden of paying these.
Without life insurance funds, does your financial plan allow your spouse to maintain the lifestyle you both worked so hard to achieve, especially if you are still paying for your home and vehicles.
Also keep in mind, depending on the size of your estate, your heirs could be hit with an estate tax bill of up to 45% after you die. Luckily, with the proceeds of a life insurance policy, you could help to ensure your heirs are financially able to pay these taxes immediately, not having to come up with this money on their own.
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A life insurance policy is perhaps one of the biggest investments you will ever make. Be sure your loved ones are well taken care of and are not left with your financial burdens when you are gone. Contact Brazelton Insurance Group for more information and to come up with a life insurance policy that is right for you and your specific needs.