Life insurance is one of those things many people just don’t want to think about. They feel buying life insurance is admitting they aren’t going to live forever. However, this is a simple fact of life and one that shouldn’t be ignored, especially when you have a family to take care of. This is why it is so important for everyone to buy life insurance in Germantown. It is important not to fall victim to some of the traps life insurance myths can cause.
No Income, No Life Insurance
If you don’t have an income, for instance, if you are a stay-at-home parent, you may feel as though life insurance isn’t necessary. After all, one of the main purposes of life insurance is to replace your income for a period of time to allow your family time to adjust. However, even if you don’t have an income, your passing can bring on new expenses to your family, especially if you have children who will now require child care. This means life insurance is critical for everyone.
You Have a Work Policy
Many employers offer this type of insurance to their employees. However, life insurance in Germantown is different than the life insurance you get from your employer. Your employer often offers a lower payout to your family, which means they may not have enough. In addition, when you leave your job, whether you quit or are fired, you will lose everything you have put into the policy and your family can no longer use it if something happens to you.
Taxing Insurance Policies
Most people are aware that any money inherited is subject to a special inheritance task. However, many people mistakenly think their life insurance money will incur this tax as well. Therefore, they forgo getting life insurance because they don’t want to saddle their family with these high tax rates on even more money. Life insurance policies are tax exempt, though, so there’s no reason not to get one.
Having proper life insurance in Germantown is critical to ensure your family has the money they need to survive after you are gone and can no longer provide for them. Therefore, it is important for everyone to have a policy, including those who don’t bring in an active income. Even if you have a policy through your job, having an independent policy can be important. Finally, don’t let inheritance taxes stop you, either. The payment your family will receive is tax-free.
If you need life insurance in Germantown to protect your family
