Whether you are single or married, your death will create a financial burden for your loved ones. However, you can lessen this financial burden with a life insurance plan.
Life insurance provides a death benefit that can help pay funeral costs, medical expenses or any outstanding debt. In addition your named beneficiary can receive your death benefit promptly after your death without paying income taxes on the proceeds.
Permanent life insurance offers a cash value in addition to the death benefit. This cash value is a sum in the contract that usually increases through the years on a tax-deferred basis under current tax laws. As your life changes, you may decide to draw on this cash value to help purchase a home, start a business or supplement your retirement income.
— Jamont McRae, FIC is a managing partner and registered representative with Modern Woodmen of America.