So earlier this week, on Facebook, I posed the question: "OK, show of hands...who hates paying taxes?" Now granted, it was a loaded question but my thoughts I'll share here do warrant consideration.
Besides financially protecting your family, life insurance has an added benefit of carrying a number of attractive tax advantages. Life insurance with a designated beneficiary is usually not subject to probate, which can last up to 2 years. That means your family has quicker access to the income necessary to pay for immediate expenses. Also,life insurance provides death benefits that are typically tax free to your named beneficiaries, which means your heirs will receive the full value of your legacy.
Besides financially protecting your family, life insurance has an added benefit of carrying a number of attractive tax advantages. Life insurance with a designated beneficiary is usually not subject to probate, which can last up to 2 years. That means your family has quicker access to the income necessary to pay for immediate expenses. Also,life insurance provides death benefits that are typically tax free to your named beneficiaries, which means your heirs will receive the full value of your legacy.