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Here is Why You Should Buy Life Insurance

Here is Why You Should Buy Life Insurance

Life insurance is not an easy decision for some people. A lot of people are stretched thin as it is, so adding another expense to their monthly expenses is not something that they want to do. Well, life insurance is very important no matter how you look at it. We have said before that all some people need is a little push when it comes to life insurance, so hopefully we can provide one today. Why do you need to buy a policy? This is probably something that you have asked yourself many times. Well, the following are some new reasons that you might not have thought about. Hopefully you can make a great decision on your own whenever you receive all the helpful information you can get.

Taxes

You know how they say that the only two guarantees in life are death and taxes? Well, death and taxes can actually happen at the same time! This is not fun at all for those you leave behind. There are federal death taxes and state death taxes. Yes, as ridiculous as it sounds, you have to pay the government in order to die! Now, it just depends on the tax rate at your time of death, there is no flat rate, which means it could increase and decrease. Life insurance comes into play because part of the benefits package will be used in order to pay off these taxes. If you do not have any insurance then the ones you leave behind will be the people who have to fork over the dough. Make the government happy, and let them allow you to die in peace.

Alternative Savings Account

Some life insurance policies will actually gain some cash value. This is a great thing because it allows you to have more money if you would like. The cash value can be paid out as a death benefit, if you see fit to do it that way, or you can borrow and withdraw the money whenever you would like to use to pay bills. It almost acts like a forced savings plan in order to make sure you are putting some money away for when you really need it. If you really need it before you die then it is there, but just make sure that you do not use it recklessly and end up not having any money left over for those that you care about. The interest you gain can also be tax exempt.

Use it for Charities

Why do you need life insurance if you have no dependents? Well, some people just plan on giving everything away to charity. Did you know that if you put together a package and name a charity as the beneficiary that they will receive a lot more money then it you just handed them the monthly premiums every month? This will allow you to still make sure that the money is used in the right manner, and that you can maximize the amount you can possibly give. Think about all the good this can do and then visit an agent and work out the details to make sure that this happens.

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