How you can benefit from a life insurance coverage?
Life insurance today has turned into a crucial part of every person’s financial plan. Though it is not an investment but is an essential aspect of a savvy, sound personal financial agreement. In simple terms insurance means protection and it will help in protecting everything that you really worked hard to earn. This cover will protect your better half during a premature death, send your children to college and hold your family together when money will not be a concern. If you are looking for such plans, then we at Stoneman Schopf can help. We are based in Algoma and our insurance plans will ensure that you do not suffer the cost of living in the absence of your earnings.
Benefits in abundance
By investing in these plans you can benefit in the following ways,
- It will offer a cash infusion to deal with the unfavorable financial consequences of an insured’s demise
- Enjoy a favorable tax treatment as opposed to other financial instruments
- The death benefits usually are income-tax free to the beneficiary
- The death benefits are likely to be estate-tax free should the policy be owned properly
- It may be swapped for another insurance policy devoid of incurring current taxation
- A policy loan is income tax free
- Cash value withdrawal is considered on the basis of FIFO (first-in-first out), which means the withdrawals of cash value up to the complete premiums generally are paid income-tax free
- Cash values develop tax deferred at the time of the insured’s lifetime
Life insurance plans will offer funding to your loved ones when you die and also aid safeguard a business’s financial interest should a key employee die. We at Stoneman Schopf offer both forms of insurance-whole and term life to help you choose as per your needs.