Life Insurance Needs


Why should I buy life insurance?


Life insurance can be an important tool in the following situations:
  1. Replace income for dependents
    If people depend on your income, life insurance may replace that income for them if you die. An example of this is parents with young children. However, it may also apply to couples in which the survivor would be financially stricken by the income lost through the death of a partner, and to dependent adults, such as parents, siblings or adult children who continue to rely on you financially. Insurance to replace your income could be useful if the government- or employer-sponsored benefits of your surviving spouse or domestic partner will be reduced after your death.

  2. Buy-Sell Agreements Partnership                                    If you own all or part of a business; any business; you should know about buy-sell agreements. Unless you plan to be lucky forever, you'd better have one. Without it, a closely held or family business faces a world of financial and tax problems on an owner's death,incapacitation, divorce, bankruptcy, sale or retirement.                                                                                                                                                                                              
  3. Pay final expenses
    Life insurance may help to pay your funeral and burial costs, probate and other estate administration costs, debts and medical expenses not covered by health insurance.

  4. Create an inheritance for your heirs
    Even if you have no other assets to pass to your heirs, you can create an inheritance by buying a life insurance policy and naming them as beneficiaries.

  5. Pay federal “death” taxes and state “death” taxes
    Life insurance benefits may help to pay estate taxes, which could benefit your heirs. 

  6. Make significant charitable contributions
    Making a charity the beneficiary of your life insurance may enable you to make a larger contribution than if you donated the cash equivalent of the policy’s premiums.

  7. Create a source of savings
    Some types of life insurance create a cash value that, if not paid out as a death benefit, can be borrowed or withdrawn on the owner’s request.  Furthermore, the interest credited is tax deferred (and tax exempt if the money is paid as a death claim).

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Insurance products are offered through Hilltop Securities Insurance Agency, an affiliate of Momentum Independent Network, and are underwritten by unaffiliated insurance companies.