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When you buy life insurance, you plan for the worst and hope for the best. During this Life Insurance Awareness Month, consider the many reasons to own and periodically review this important financial protection.
Growing families, in particular, need the financial protection life insurance offers. From replacing lost income and providing money needed to pay off a home to funding childcare and lifestyle costs, life insurance can financially protect your family’s way of life if the unthinkable occurs.
Even retirees may want this protection if they still have minor children, have a disabled adult child or expect their beneficiaries will owe estate taxes. Life insurance, incidentally, is typically income tax-free.
Talk to your tax professional to learn how life insurance can impact you and your family’s finances.
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