Life insurance may seem bewildering at first glance, but it can be very simple. This insurance serves the purpose of lessening the financial burden on the family when a loved one passes away. If you have anyone that relies on you financially, then a life insurance policy is worth considering. Here are some surprising truths:¹

 

• It can be affordable for most people. Studies reveal many think life insurance costs about three times as much as it really does. But if you’re a non-smoker and healthy, it can be fairly cheap.
  • A healthy nonsmoking 30-year-old man can get a $250,000 20-year level term policy for about $16 a month.
• Your policy can be changed. As your life changes, your life insurance needs might have to. As the policyholder, you have the ability to make adjustments whether it be adding more coverage or beneficiaries to your policy.
• Payouts are quick. Life insurance generally pays out a benefit in days or weeks since it doesn’t get caught up in estate claims.
• Death benefit proceeds can be tax-free. Life insurance death benefit isn’t generally considered taxable income; therefore, income tax usually doesn’t apply.
• It’s more than just life insurance. Adding “riders” to your policy can allow your benefits to become “living benefits”. For instance, these living benefits can be accessed before you die or used to pay for long-term care services.

 

Life insurance can be complicated when it shouldn’t be. W can help you understand the ins and outs of life insurance to help determine which policy is best suited for you and your family’s situation.

 

Securities offered through SCF Securities,Inc. Member FINRA/SIPC 155 E. Shaw Ave. Suite 102, Fresno, CA 93710 • (800) 955-2517 •Fax (559) 456- 6109. SCF Securities, Inc. and Creative Financial Strategies LLC are independently owned and operated. www.scfsecurities.com Note: Securities offered through SCF Securities Inc., Investment Advisory Services offered through SCF Investment Advisors, Inc. This document is for educational purposes only and should not be construed as legal or tax advice. One should consult a legal or tax professional regarding their own personal situation. Any comments regarding safe and secure investments and guaranteed income streams refer only to fixed insurance products offered by an insurance company. They do not refer in any way to securities or investment advisory products Insurance policy applications are vetted through an underwriting process set forth by the issuing insurance company. Some applications may not be accepted based upon adverse underwriting results.  Death benefit payouts are based upon the claims paying ability of the issuing insurance company.

¹ https://lifehappens.org/blog/10-things-you-didnt-know-about-life-insurance/