Life insurance can benefit you way more than you think it can.

Life insurance can be made up of living benefits, death benefits, financial leverage, and great tax avoidance benefits. So, how do you get all those things at once?

Here’s reality: if you’re reading this, you're ALIVE!!! At some point in the future, you won’t be. The question is: what am I going to do in between those two points that will financially make a difference for my future and my legacy? Life insurance may be part of the solution.

Most people purchase life insurance because of the reality of dying and not wanting to leave their loved ones in a financial bind. The thought of leaving behind loved ones can be exasperated by the concern that their family must cope with this personal loss of a loved one, and the financial obligations that follow. Though you might not have had that conversation with your family, do you wonder whether they are thinking and worrying about those concerns too? Life insurance is there to pay off that mortgage and other debts; pay estate taxes; provide money for your children and grandchildren to attend college; provide a value to replace your income (if only for a moment to let your spouse gather themselves); fund churches and charities; and even equalize and/or create your inheritance for your children and grandchildren.

While it only takes a little planning for people to address these concerns for themselves and their families from future uncertainty, statistics show that approximately 49% of the adult population does not carry life insurance. While many believe life insurance is too complex, too expensive, or just a low priority as compared to other expenses, some just haven’t taken the time to sit down and get it done…leaving their families unprotected in the event of the expected. You’ve probably insured your home and car from hazards. You’ve insured your body from health and accident expenses.

Please…take the time to look at your life insurance. It’s too important to put aside.

We can help. We can be your sounding board to help you work thru this maze and get this off your plate. You’ll feel a lot better when it’s done.

So, how about those other great benefits mentioned earlier: living benefits, financial leverage, and tax avoidance.

“At a time when so many Americans are wrestling with how to achieve long-term financial security, people are overlooking one of the most critical tools to meet that goal. Unfortunately, too many people lack a full understanding of all the ways permanent life insurance can be used to provide financial security. They see it as a single utility product, when it’s really more like a Swiss Army knife…it can be used for an amazingly diverse range of needs.” David Simbro, Senior Vice President of Life and Annuity products, Northwestern Mutual Life

Insurance, when set up and funded correctly, can also do this:

• Provide a tax free cash flow in retirement or earlier
• Provide a personal banking account to borrow money from (tax free) to buy cars, down payment on a home, etc. without hoping for the bank to approve your loan
• Be used as collateral for a loan
• Pay for college and not have it count against you for taxation or qualifying for college aid
• Pay for chronic or critical illness expenses and expenses related to loss of income
• Pay for Long Term Care expenses
• Pay out for a terminal illness and allow you to get your “affairs in order” while alive, tax free
• Provide a tax free death benefit for your beneficiaries
• Bypass estate taxes
• Leverage your money by creating a large death benefit with a significantly smaller premium, allowing you to spend the extra cash on other things rather than have to set it aside for your heirs

Take the time to review your present life insurance contracts and/or get a review of your present needs. Yes, premiums would have been less if you purchased it while you were younger but, don’t despair. This is your time and it will be well worth it.

Do it now while it’s on your mind. You’ll be glad you did.

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