Life insurance doesn’t just mean that your family gets to experience the benefits when you are gone. In fact, life insurance in Baltimore can be a benefit to you while you’re alive, as well as to your family after you have passed. The following are the available benefits in life and death:
During Your Life
- Permanent life insurance policies can be used as college tuition for a child or a down payment when you go to purchase a home. Keep in mind that in many cases, there will be tax issues that you will need to deal with if you plan to go this route.
- If you do not prematurely withdraw your money, the cash value increase that is accumulated is tax deferred.
- Business partners can benefit by using the insurance payout to buy the deceased partner’s portion of a company, allowing the business to stay afloat.
- Expenses such as funeral costs, estate taxes, debts, and more will be taken care of so that your family and others who are left behind will not have to shoulder that burden.
As you can see, there are benefits of having life insurance in Baltimore, whether you have previously realized it or not. Contact your insurance agent to come up with the perfect policy that fits the needs of you, your family, and your business.