December: The perfect time to remember life insurance is a gift
For many, December is traditionally the time of “giving.” But have you considered that life insurance is one of the most thoughtful and valuable gifts you can give? It is a gift that offers financial security and peace of mind to both the giver and the receiver.
Life insurance is a gift of financial security that ensures that the beneficiary receives a tax-free death benefit when the insured person passes away. This financial support can be a lifeline for the recipient during a difficult and emotional time. Here are some examples of what this multi-faceted gift can provide:
Income Replacement - If the insured person is a breadwinner, the life insurance payout can replace lost income, allowing the family to maintain their standard of living and meet financial obligations.
Mortgage or Debt Protection - Life insurance can be used to pay off outstanding debts, such as a mortgage, so that the surviving family members can keep or remain in their home.
Protection for a New Parent - For new parents a life insurance policy can ensure the financial well-being of their child in case something happens to them. A policy can cover expenses like childcare, education, and basic living costs.
Child's Future – A life insurance policy can serve as a financial resource for a child’s future, such as covering college tuition or providing a financial cushion when they start their adult life.
Funeral and Final Expenses - The proceeds from a life insurance policy can cover funeral costs and other final expenses, relieving the family from the financial burden during a difficult time.
Estate Planning - Life insurance can help cover estate taxes and ensure that the wealth accumulated over a lifetime is passed on to heirs without being significantly diminished by taxes.
Supplementing Retirement Income - Some life insurance policies build up a cash value over time. This cash value can be used to supplement retirement income or provide a financial cushion during retirement.
One final thought:
I SELL LIFE INSURANCE
“I sell life insurance. Other salespeople are limited. They just sell just furniture, appliances, cars or shoes. I sell these things, too. And, I sell many things more. I sell meat, bread, and milk for the table of a family deprived of a father or mother. I sell canceled mortgages so that mother or father and the children can live comfortably. I sell college educations to give youngsters better opportunities in life. I sell the little extras- ice cream cones, roller blades, movie tickets and a dress for the prom. I make life worth living – I sell time with grandchildren, gold clubs, fishing tackle, exciting trips, retirement income and self-respect for later years. I sell the necessities and good things of life, because life insurance is for the living. Yes, I sell life insurance, and pardon me if my pride is showing.’” – Author Unknown