Why do I need Life Insurance?
Yes, life insurance typically benefits someone else. However, it provides the financial support that a family might need in the situation of the insured's death. The policy will help your family to overcome financial hardships. Additionally, it has a favorable tax treatment, unlike other financial instruments.
- Generally income-tax-free
- Maybe state-tax-free
- A life insurance policy may be exchanged for another life insurance policy without incurring current taxation.
Life Insurance For A Business Partner’s Death
Do you own a business and have a partner? Well, you can make your partner a beneficiary in case something happens to you. According to Forbes, there are over 4 million business partnerships in the US. Make sure that your partner has the necessary financial means to keep the business open.
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