Is financial security at the top of your priority list? If so, life insurance is a great way to expand and protect your assets. Having life insurance has several valuable advantages.
Advantages to having a life insurance policy:
* Access to cash: Life insurance policies offer flexibility and less restriction than other assets when it comes to accessing. Often, much of your estate will be in probate for at least 6-9 months and anything that goes into your estate can not be accessed until after the estate is closed. Life insurance, however, doesn’t have to go through probate, so your heirs can get access to cash much quicker with your life insurance policy than they would otherwise.
* Death benefit for surviving family members: Upon one’s death, life insurance can help offset the impact of estate taxes and probate fees, and provide family members with funds in order to live comfortably. As a parent, we want to ensure that if something were to happen to us that our children and/or spouse would be taken care of. The cost of one’s funeral and/or burial can be very expensive and life insurance can help cover these things. If a spouse were to pass away, these funds would be needed to replace his/her income in order to continue the same lifestyle. It would also pay off debts, like everyday living expenses and the mortgage so that the remaining family members would not have to sell the home.
Life insurance has so many great benefits and can be a smart addition to have for yourself and your family. We all want to have the peace of mind of knowing that our family would be financially stable if something were to happen. We are happy to assist you. https://thorntonlegal.com/
