Personal Life Insurance
Although often mistakenly viewed as a price only decision, the long-term nature of life insurance necessitates careful consideration in the selection of the insurance carrier, the product type, and the agent or agency to represent you and interact with your heirs.??
Most commonly, life insurance is purchased to provide payment of a death benefit at the death of the insured(s). However, life insurance has many unique characteristics that may make it an appropriate vehicle for financial planning, including:
- Policy cash values accumulate on a tax-deferred basis.
- Policy death benefits are received income tax-free.
- Policy cash values may be accessed on a tax-advantaged basis.