© 2008 Beneficial Life Insurance Company. All rights reserved.
Why Buy Life Insurance—and How Much?
Here are several ways that life insurance can serve you and your family or business, plus a link to financial calculators that can help give you a general idea of how much life insurance you may need:
Protect your family's future
The key function of life insurance is to protect the financial futures of those you care about. You want those close to you to be able to achieve their dreams in the event of your death. Most lenders require immediate payment of outstanding loans upon death. Life insurance can be an economical and effective solution. Beneficiaries can use the policy death benefit, which is usually tax-free, to meet these short-term obligations and provide a solid foundation for long-term financial stability and freedom for your survivors:
- Pay for funeral expenses, unpaid medical expenses, home mortgages, and other debts.
- Pay estate taxes.
- Provide for survivor income.
- Provide an education for children or grandchildren.
Surviving family members can also use policy proceeds to make charitable bequests on your behalf. Charitable gifts are not taxed as long as the contribution is made to an organization that operates for religious, charitable, or educational purposes.
Protect your business
Life insurance can also ensure that your company and business interests don’t die with you. Policy proceeds can be used to keep a business up and running, support daily business expenses, and satisfy creditors.
Fixed life products are offered by Beneficial Life Insurance Company, 150 Social Hall Ave., P.O. Box 45654, Salt Lake City, Utah 84145-0654, (801) 933-1100. These products are not available in all states. Beneficial Financial Group is a marketing name for Beneficial Life Insurance Company, its affiliated companies, and sales representatives. The policy contains the actual governing contractual provisions. Guarantees are subject to the claims-paying ability of the insurer. Beneficial Financial Group and its respective agents, representatives, and/or advisors, do not offer tax or legal advice. Please consult your attorney, accountant, or tax advisor about specific points of interest to you.
