There are many doubts when it comes to getting life insurance. Most of the time, it is purchased for risk management in case of sudden sickness or death. Do you still wonder whether life insurance is a worthwhile investment or not? The following facts will help you make an informed decision.
No Taxes on Interest
Investing money is art, and not everybody is good at it. Some of the best life insurance plans will have options where you will not be required to pay taxes on any interest or capital gains until you decide to withdraw the proceeds.
The Benefit of Paying the Premium on Time
Permanent life insurance plans allow you to keep the policy for as long as you want, provided that you pay the premiums on time. If you have dependents and are worried about their wellbeing after you are gone, then permanent life insurance plans are just what you need.
More Benefits If You Are Sick
Depending on the cause of your death, your family will be able to receive 25% to 100% of your life insurance death benefit. You can also take advantage of the accelerated benefits of term insurance in case you fall sick. You can use the benefits to pay your medical bills.
Borrow Against the Cash Value
You can always borrow money against life insurance’s cash value, for urgent situations like paying tuition fee, unforeseen medical expenses, etc. Other investment plans do not allow you to take out money for such emergencies.
While looking for life insurance in Colleyville, Texas, research well before deciding on a plan. Need assistance in choosing the best policy? Contact the experts at The Schwab Agency. We are ready to help you with all your coverage needs.