Many people in Tucson, AZ, and nearby communities understand that a life insurance policy is essential for protecting their families. However, some may not realize that life insurance plays a significant role in sound financial planning. If you’re considering how much life insurance to get, The Insurance House can advise you on an appropriate policy to meet your financial goals.
Financial Benefits of Life Insurance
Life insurance serves as a financial safety net for the family of a policyholder who passes away prematurely. When used strategically, various types of permanent life insurance, such as whole life, universal life, variable life, and variable universal life, offer different approaches to growing cash value that can benefit you later in life. Consider these benefits:
- Premiums can earn tax-deferred returns or interest
- Provides a flexible cash source
- Help pay for long-term care
- Leave a legacy for your beneficiaries
Making Informed Decisions
Consider working with a financial planner to determine how life insurance will fit into your financial plan. Life insurance is part of sound retirement and estate planning. Now more than ever, people need to start planning for their future. Many parents help their adult children get through rough financial patches by providing them with ongoing financial support, often at the expense of their own economic futures. Buying life insurance offers tax advantages for your heirs, as they receive the proceeds tax-free, providing a potential source of funds for future expenses.
Your needs for life insurance change as you go through life. Review your life insurance policy periodically to determine if you need to increase your benefits. In most cases, the benefits will far outweigh the costs of the premiums.
Learn more about how life insurance can increase your financial wealth. Contact The Insurance House, serving Tucson, AZ, to schedule your consultation.
