Saginaw Michigan Life Insurance.Maury Davis, Certified Insurance Counselor, (989)220-6157, Vice President of Future Insurance Agency, Saginaw, Michigan.
The uses of Life Insurance are many. Here are some of the top uses for Saginaw Michigan Life Insurance
1. To create an instant Estate. Where time or other circumstances have kept the estate owner from accumulating sufficient assets to care for hers/his loved ones. Saginaw Michigan Life Insurance can create an instant (income tax free) estate. Most people simply do not have a large estate and if they do, it is usually not liquid. Death benefits pass to the named beneficiaries tax free.
2. To pay estate / death taxes. Saginaw Michigan Life Insurance prevents the erosion of estate values because of settlement costs with the Government. Death benefits pass to the named beneficiaries tax free.
3. To provide an education / college fund for children or grandchildren. Cash values increase. in a policy on the parent's life , cash value can be used to accumulate funds for college. Should the parent die prematurely, the death benefit could fund the college expense at a time when it is greatly needed. Death benefits pass to the named beneficiaries tax free.
4. To fund a Buy-Sell Agreement, Business Continuation Plan, or Business Transfer. Business owners agree to buy a deceased owner's share from his/her estate after death. Saginaw Michigan Life Insurance provides the ready cash to finance the transaction. Death benefits pass to the named beneficiaries tax free.
5. To pay off the Home Mortgage. Many people would like to pass the family home residence to their spouse or children free of any mortgage. There are different Saginaw Michigan Mortgage Life Insurance options to accomplish this goal. Death benefits pass to the named beneficiaries tax free.
6. To protect the Business from the loss of a key person (Valuable Employee) First called "Key Man Life" or "Key Man Insurance" years ago. Key Employees are difficult to attract and retain. Their untimely death may cause a severe financial strain on the business. This valuable form of Saginaw Michigan Life Insurance provides the cash to attract and retain a replacement employee, of high caliber, after such a devastating event. Death benefits pass to the named beneficiaries tax free.
7. Charitable giving. Make a gift. Saginaw Michgan Life Insurance is often used to make gifts to individuals, churches, schools, and charities. What a great way for you to be a great help to your cause and be remembered. Death benefits pass to the named beneficiaries tax free.
8. Rewarding and retaining valuable employees. Saginaw MichiganLife Insurance, and its cash value, can be used for the benefit of valuable employees. A 162 Bonus Plan is a simple, and tax advantaged way to reward and keep valuable employees. Also, this bonus DOES NOT have to be given to every employee. You may be selective who it is given to without any explanation.
9. To equalize inheritances. When a family business passes to children who are active in it, Saginaw Michigan Life Insurance can give an equal amount to the other children who do not share in the business. Death benefits pass to the named beneficiaries tax free.
10. Use as an Emergency Fund. When you have a permanent Saginaw Michigan Life Insurance policy, and you have cash value, these funds are a great source for Emergency Cash.
11. Employee benefit. Group Life Insurance is a great way to give employees supplemental benefits with or without the business actually paying the premium. Many times, employees are extremely happy to be able to purchase these Saginaw Michigan Life Insurance Policies on a payroll deduction basis.
I can guide you through all of the above examples of uses and needs for Life Insurance in Michigan.