Your family could face numerous problems down the road if you do not invest in life insurance coverage. At Johnsen Insurance, we can help protect the finances of your family in Baraboo, WI.
The following are three problems you and your family can avoid when you buy life insurance:
Financial burdens for your dependents
Your dependents could find themselves in a difficult financial situation if your income is lost. If you are the breadwinner for your family and you pass away unexpectedly, your dependents will have no financial support.
Life insurance coverage helps ensure that your dependents will be provided for regardless of what happens to you. The death benefit of your life insurance policy will provide support and prevent financial problems after you pass away.
If you owe taxes when you pass away, the taxes that you owe will come out of any money you leave to your dependents. This can be a big problem for those whose dependents are relying on their inheritance for financial support.
Purchasing life insurance is a way to leave money for your dependents even if you owe a large amount of money in taxes. The death benefit on a life insurance policy is not taxed. This means that the beneficiaries on your life insurance policy receive the full death benefit amount regardless of how large your tax debt is.
Stress about the future
Neglecting to purchase life insurance might leave you worrying about your family’s future. You’ll be less stressed about the future with life insurance because you know your family is financially secure.
Looking For Life Insurance?
You need to carefully evaluate your options before you purchase a life insurance policy in Baraboo, WI. Let us answer any questions you have about life insurance policy options. Get in touch with us at Johnsen Insurance to learn more.