Why should I buy life insurance?
Life insurance is considered to be the cornerstone of sound financial planning among may financial experts. It is very important in the following situations:
- Income source for dependents
Your family depends on your income. Life insurance can replace that income if you die. Parents with young children is the most commonly recognized case. However, it can also apply to couples in the event a partner dies, in which the survivor would become financially stricken by the lose of income. Also, with dependent adults, such as parents, siblings or adult children who rely on you financially. If the government or employer-sponsored benefits of your surviving spouse or domestic partner will be reduced after your death, insurance can be especially useful to replace your income.
- Payout of final expenses
Funeral and burial costs, probate and other estate costs, debts and medical expenses can be paid with Life insurance.
- Inheritance for your heirs
You can create an inheritance for your heirs, even if you have no other assets, by purchasing a life insurance policy and naming them as your beneficiaries.
- Federal and state 'death' taxes
Life insurance benefits can pay estate taxes so that your heirs will not have to liquidate other assets or take a smaller inheritance.
- Charitable contributions
You can make a much larger contribution by making a charity the beneficiary of your life insurance policy than if you donated the cash equivalent of the policy's premiums.
- Source of savings
Some types of life insurance create a cash value that can be borrowed or withdrawn on the owner's request, if not paid out as a death benefit. Buying a cash-value type policy can create a kind of 'forced' savings plan. The interest credited is tax deferred and tax exempt if the money is paid as a death claim.
Our commitment is to serve you
Al DeLeon & Associates is an independent insurance agency. This means we do business with multiple insurance companies and can compare protection and prices fo find the best value for you. Being your local agency, we understand the details of planning needed in Florida and we are committed to being your advocate in times of need.