The emotional impact when a loved one passes away is a very difficult time for a family. When this emotional impact is compounded by the loss of an income, threatening the family’s ability to keep their home, maintain their standard of living and provide educational opportunity to the children, the loss can be devastating. With family life insurance planning, the family receives tax-free funds to pay off their home, provide for final expenses and have funds to educate their children and maintain their standard of living.
After working a lifetime most Americans experience a decline in their income and standard of living. As a result many retirees are forced to continue working or are dependent upon their children; thereby, losing a sense of independence and dignity.
Most successful businesses have become successful due to the sheer will and experience of certain key valuable people. In the event that an owner or a key person dies, the business can suffer a costly interruption of business, a reduction in business earnings, along with a problem in training and selecting a competent successor. Business credit may also be threatened, thereby putting the viability of the business in question.
A key person life insurance plan provides the business with an infusion of tax-free cash at the very moment it is needed the most. These funds can eliminate business debt, offset a reduction in business earnings and provide the business with the precious commodity of time to make a transition when the business loses its most valuable asset, a key person.
