If we knew that we wouldn't get sick, health insurance plans or long term care plans wouldn't be necessary. But we can't control these things and we can't predict the occurrence of such cataclysmic events and it's that precise reason why insurance plays such an important and necessary role.
According to Keybase Insurance Agency Ltd., one of the most important reasons for life insurance is the protection of loved ones and to pay immediately outstanding debts and loans, mortgages in the event of death.
There are many more key benefits for Life Insurance according to Keybase Insurance Agency Ltd.:
- Tax reduction. The proceeds of a life insurance contract does net pay any taxes at death.
- Probate fees. In the event of death, the dollar amount of the Life Insurance contract flows directly to the named beneficiary without going through probate fees and other estate taxes that may apply.
- Real Estate and second home. Life insurance policies pays cash immediately in the event of death which provides liquidity rather than the lengthily time require for the sale of real estate.
- Estate Planning and Wealth Transfer to family members. Life Insurance policies can be used very creatively for intergenerational wealth transfer and estate planning situation
- Business Owners. Key Man Life Insurance policies can be used to fund Buy-Sell agreements
- Succession planning and ownership of vacation property. Life Insurance can be use to effect the transfer of vacation property without attracting tax on ownership changes.
Life Insurance is needed to deal with uncertainty, unpredictability and untimely events.
For more information on the benefits of various services provided by Keybase Insurance Agency Ltd, go to http://www.keybase.com
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