Reasons to Invest in Life Insurance
Whether you live in New London or Norwich CT life insurance can be a good foundation for building a financial plan for you and your family. Experts agree it is an important tool with unique financial benefits in some situations.
It can be a crucial source of income for surviving spouses and children. It can help replace lost wages for everyday living expenses and may also help fund college plans for children.
Funeral and burial costs average about $10,000. Benefits can help cover those and probate costs, along with outstanding debts and medical costs not covered by health insurance.
Benefits can pay for state and federal estate taxes, also known as death taxes, that otherwise would have to be paid by your heirs. They may even have to convert some of their inheritance to pay the taxes.
If it is not used as a death benefit, heirs may be able to borrow or withdraw benefits as a cash transaction. This option does not come standard, however. Ask for this type when setting up a new policy.
Whether you live in Windham or New London Counties, CT life insurance is a good start in planning your financial future. Another bonus is the peace of mind it offers you and your family.