Life Insurance Quotes

Life insurance an important financial foundation

09/29/11

According to an article in the Stillwater Gazette, despite the fact that many Americans don't think too often about life insurance, many financial advisers note that it remains an important part of any financial planning package, and can act as the foundation on which a person can build his or her financial portfolio.

The primary reason for subscribing to a life insurance policy remains to provide for family members following death, but the benefits of owning a life insurance policy go further. The source notes that in the unfortunate event of a premature death, financial resources like social security and a pension may not provide family benefactors with as much security as one may think. These policies often hinge on planned contributions from the policy holder in the form of work or wages, and if those contributions are cut short, payouts may be lessened. A good life insurance policy can protect against this.

Life insurance policies can also help people retain assets, for example, a small business. Transferring ownership of a small business in the event of death can be a complex and expensive process. Some life insurance policies account for business ownership as an asset in the plan itself, providing an established series of steps for a tax-efficient transfer.

According to a 2011 LIMRA study, just one in three Americans was covered by a life insurance policy in 2010.

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