Life insurance is a way to help you leave a legacy to your family and make sure their financial future is covered. With life insurance in place, your beneficiaries will receive a lump sum of money when you die. Normally, your beneficiaries won’t have to pay any taxes on the money they receive from your life insurance policy. What joyful news, because they’ll be able to enjoy the full value of the payment.
Image: Donna Sobel
Even if you don’t have any other assets to pass to your heirs, you can create an inheritance by buying a life insurance policy and naming them as beneficiaries. This is a great way to set your kids up for a solid financial future and provide for any monetary needs that will arise.
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