Life insurance needs should be custom designed for everyone’s particular situation. Each type has a purpose and obtains different results. Knowing that you have the right type and amount of Life Insurance protection, will give you peace of mind that you will be leaving behind financial security for the ones you care for.
It can be used for many things including:
- Provide an income for your family to maintain their standard of living.
- Pay final expenses and debts including taxes.
- Create an estate that will leave a legacy through charity.
- Tax-sheltered accumulation – you can draw upon as needed for personal or business opportunities.
- Cascading assets to future generations minimizing tax implications.
- Protecting yourself from future financial risk to maintain your standard of living
There are three main types of Life Insurance and one may use a combination of them to achieve the desired result.
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