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Life Insurance
When dying is bad enough, why would you do it for free? Life insurance can be broken down into two main categories, term insurance and permanent insurance. Life insurance has many different purposes, ranging from simple to complex planning. It is used to replace lost income in the event of a family member's death. It is also commonly used to protect against a business owner's death, or even a key employee's death. More complex uses of life insurance are involved with the estate planning process. For high net-worth individuals, estate taxes will be owed in the event of their death. Instead of selling assets or paying the estate tax with liquid cash and assets, life insurance is used as a more cost effective tool for paying the estate tax. In addition the tax-free benefits of life insurance are often used to fund an income tax free retirement. More detailed information about the different types of life insurance and it's uses can be found below.
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