September is Life Insurance Awareness month, a time to for individuals and small business owners to review their existing coverage for the terms and longevity while considering additional coverage for family and lifestyle security.
There are many great uses for life insurance and Ed Slott, a CPA in Rockville Centre, NY, and a nationally recognized IRA distribution expert talks about the reasons why life insurance can be such a useful, flexible tool on his website.
Life insurance can help provide a secure financial future for those you leave behind. It is also more than just passing on money to your survivors; it’s the opportunity that it creates. The opportunity for your loved ones to use the gift they’ve inherited to pay off their debt, a chance to take advantage of educational opportunities, or to simply maintain their current lifestyle.
If you already have funds set aside to take care of your final expenses and help supplement your retirement income, you can choose to get a life insurance policy just for the purpose of transferring wealth to your children and/or grandchildren or donating to a charity. One of the main advantages of using life insurance for wealth transfer is that the death benefit is usually income tax free. This offers the opportunity to pass on the full value of the policy to your survivors. Money from the policy could help fund your grandchildren’s college education, help your children start a business, or be passed down to future generations.
Funds from a life insurance policy can also be a good way to carry on your own wishes to support a charity. Or you could set up a fund or scholarship to leave a legacy that could last for many years to come.
To see if you may be ready to take the next step by enrolling in a policy, or re-visit existing policies for sufficient coverage , the best thing to do is to meet with Your Life Security professional; view all the options that best fit your current needs and wishes, as well as the future needs of your loved ones. That’s – Your Life Security!