Most consumers want to ensure their family members are taken care of financially when they die. And life insurance is one way to help them do that.

Many people buy life insurance because they want to help their family members pay final expenses after their death. This can include funeral expenses, cremation costs, nursing home bills, an obituary, flowers and more. Having a policy that pays out a death benefit is also helpful for paying off debts, like credit card debt or mortgages. These policies build cash value over time, so they can be used as collateral for loans or to invest. These small, inexpensive policies are often sold to seniors, but can be purchased by anyone. They can be issued instantly if you meet certain age and health requirements, or you can apply online without an exam.

Inheritance taxes are state taxes that beneficiaries of an estate must pay after receiving a portion of the deceased’s assets. The federal government does not have an inheritance tax, but six states – Iowa, Kentucky, Maryland, Nebraska, New Jersey and Pennsylvania – do. The amount a beneficiary must pay depends on the relationship to the deceased and in which state the person died in. Spouses and children or other dependents often receive an exemption, partial exemption or pay the lowest rates. The inheritance tax rates can change each year, so be sure to check with your state’s tax agency and contact us to learn more!

There are many reasons why people buy life insurance, but at its core it’s all about providing financial security for your loved ones. Whether you’re an engaged couple who owns property together, or a parent with minor children, life insurance is the best way to ensure that your family can stay financially secure in case of death. Buying insurance is an important decision, and one that should be made with the help of a professional. A financial professional can help you determine how much coverage you need, explain the different types of life insurance policies available, and present potential options that may fit your needs. And as with any other aspect of your finances, it’s important to regularly review your life insurance policy to ensure that it’s helping you meet your goals. That’s why scheduling a review at least once a year is a good idea. This also gives you an opportunity to discuss new insurance opportunities and any changes in your health status that might affect your rates or the amount of coverage you need. Get in touch with Harvey Sarles Insurance Agency to learn more!