Generally speaking, it is a good idea to invest in a life insurance policy. However, only a little over half of Americans have one. If you are on the fence about getting life insurance, Don Allred Insurance wants to share some of the benefits of life insurance.
You Can Financially Support Your Loved Ones
Did you know that 40 percent of households in the United States (including Burlington, NC) who don’t have life insurance will struggle to pay for living expenses if the primary wage-earner passes away? By investing in a life insurance policy, you and the rest of your family can rest easy knowing that everyone is taken care of from a financial standpoint if something happens. This means daily living expenses, mortgage payments, college tuition, etc.
You Can Pay for Final Expenses
Did you know that the average funeral and burial runs around $7,500? That’s a lot, especially if your family is already struggling financially. Life insurance can cover those expenses.
Life Insurance Payouts Are Tax-Free
When it comes to tax considerations, the money received from life insurance is not considered income. Therefore, your family will receive the money they need and not have to worry about paying taxes on it down the road.
You Won’t Leave Debt Behind
While your estate will usually cover most of your debts, there are some exceptions to the rule. For example, if you and your spouse share a credit card account, your spouse will be responsible for that account’s balance upon your passing. The same is true with a co-signed loan. With life insurance, those debts can be handled.
If you are interested in learning more about life insurance and how it can benefit you, contact one of our agents. Serving Burlington, NC, Don Allred Insurance is ready to help you figure out the best life insurance policy and amount based on your unique situation.