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14 January, 2020 0
family at the beach, life insurance facts may be surprising

What You May Not Have Known About Life Insurance

These life insurance facts may be surprising.

Life insurance is one of the least understood types of coverage out there.  While most adults know that they need this form of insurance, that’s usually where their knowledge ends.  If you do not know very much about this essential coverage, then these life insurance facts may be surprising to you.

  • Life Insurance is More Affordable Than You Think

Many people put off getting life insurance because they believe it is too expensive.  However, it’s important to understand that most standard policies are actually quite affordable.  According to the Insurance Barometer Study conducted by LifeHappens and LIMRA, most people believe that life insurance costs three times more than it does in actuality.  So, if you are procrastinating on getting a life insurance quote, make the leap.  It may turn out that life insurance fits into your budget more easily than you thought.

  • Life Insurance Benefits Are Not Usually Taxed

Typically, life insurance benefits are tax-free.  This means that getting life insurance coverage is usually a better option for creating a decent inheritance for your loved ones.  In contrast, crowdfunding options actually create tax consequences for the people that they are designed to help.  Rather than making things complicated for your loved ones, secure life insurance for the hassle-free financial support that they need.

  • Life Insurance Can Benefit Others

While most people only think about life insurance in terms of helping their loved ones, your life insurance policy can actually do much more.  For instance, you can list business partners, charities, and other parties as beneficiaries on your policy.  Thus, your life insurance can actually be used to keep your business afloat or give back to your community in the event of your unexpected death.

These life insurance facts may be surprising.  Do you have additional questions about your life insurance coverage?  If so, then contact the experts at Fuller Insurance Agency in Southern California.  We are ready to assist you with all your coverage needs today.

 

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