When you purchase a life insurance policy, you will be asked to select a beneficiary or a group of beneficiaries. These are the people who will receive the policy money after you pass away.
You have the option to name your own beneficiary and you can personally change those names as you wish.
The great news about life insurance policies is that "Your beneficiary will not have to pay income tax on death benefits; that money typically passes tax-free." -Mark Eghrari , Contributor, Forbes Personal Finance
Think about those closest to you, those you care so much about. You have the opportunity to make choices about life insurance that will make a difference for them once you're gone. It's worth very serious consideration.
So, whether you want to leave money for your beneficiaries to cover the cost of your funeral expenses, to pay of debts or mortgages, or if you want leave money to help replace an income that will be gone after your passing, life insurance is a great way to take care of the people in your life.
Do you have a life insurance policy in place today? Is your policy up-to-date with the beneficiaries you want listed? Are your policy amounts what you'd like them to be?
We always welcome your questions and are more than happy to explore your options with you. Call or text us today for a no-obligation review of your life insurance needs.
Charlie and Angie Schrantz: 540-336-5377