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Life Insurance Basics |
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Buying a Policy? |
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Why
should I buy life insurance?
Many financial experts consider life insurance
to be the cornerstone of sound financial planning. It can
be an important tool in the following situations:
- Replace income for dependents
If people depend on your income, life insurance can replace
that income for them if you die. The most commonly recognized
case of this is parents with young children. However,
it can also apply to couples in which the survivor would
be financially stricken by the income lost through the
death of a partner, and to dependent adults, such as parents,
siblings or adult children who continue to rely on you
financially. Insurance to replace your income can be especially
useful if the government- or employer-sponsored benefits
of your surviving spouse or domestic partner will be reduced
after your death.
- Pay final expenses
Life insurance can pay your funeral and burial costs,
probate and other estate administration costs, debts and
medical expenses not covered by health insurance.
- Create an inheritance for your
heirs
Even if you have no other assets to pass to your heirs,
you can create an inheritance by buying a life insurance
policy and naming them as beneficiaries.
- Pay federal “death”
taxes and state “death” taxes
Life insurance benefits can pay estate taxes so that your
heirs will not have to liquidate other assets or take
a smaller inheritance. Changes in the federal “death”
tax rules between now and January 1, 2011 will likely
lessen the impact of this tax on some people, but some
states are offsetting those federal decreases with increases
in their state-level “death” taxes.
- Make significant charitable contributions
By making a charity the beneficiary of your life insurance,
you can make a much larger contribution than if you donated
the cash equivalent of the policy’s premiums.
- Create a source of savings
Some types of life insurance create a cash value that,
if not paid out as a death benefit, can be borrowed or
withdrawn on the owner’s request. Since most people
make paying their life insurance policy premiums a high
priority, buying a cash-value type policy can create a
kind of “forced” savings plan. Furthermore,
the interest credited is tax deferred (and tax exempt
if the money is paid as a death claim).
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