Life insurance is a contract between an insurance policy holder and an insurer or assurer, where the insurer promises to pay a designated beneficiary a sum of money in exchange for a premium, upon the death of an insured person.
By preparing in advance, you’ll have the peace of mind that comes from knowing you’re protecting your family’s financial future. And since Life insurance benefits are generally not taxable at the federal level, your loved ones can use the benefits to help take care of their living expenses in a variety of ways.
If you’re a business owner or have business partners, it’s important to secure financially, for the unexpected. As a business owner, to make it possible for your heirs to help pay estate taxes and help sustain the business during a change in management. To help provide funds in order to execute a buy-sell agreement between partners or stockholders.
It usually covers: