Life insurance has the ability to benefit many people. Not only does it benefit the policyholder, but it also has the ability to benefit the entire family. However, the benefits don’t stop there. Life insurance can do much more than the obvious. From tax benefits and replacing income, life insurance is a wise investment. 

The Obvious Benefits of Life Insurance

Of course, most of us understand that life insurance often pays for burial as well as provides a financial benefit to the loved ones that you leave behind. Life insurance can create peace of mind for both you and your family with the financial aspect of losing a loved one. It can also provide financial support right away for beneficiaries. In the event of death, financial support is often an immediate need. Furthermore, you can often get life insurance and the peace of mind that comes with it, for a fairly affordable price. 

The Not So Obvious Benefits

In some situations and in some states, life insurance holders can take advantage of tax benefits associated with carrying this type of insurance. Plus, the death benefits are generally income tax-free as well as estate tax-free. Plus, the cash value of life insurance can grow over time. Life insurance can replace income in some instances as well. This can come in handy if you’re leaving behind a mortgage, college tuition, or a car loan, in addition to other financial obligations. Life insurance could be a part of sound financial planning for your future. Our agents at the All Around Insurance Agency in Katy, TX are here to answer your questions. Life insurance isn’t the easiest type of insurance to understand. Give us a call. We’re here to help.