Think you can’t afford life insurance? Think again. If you have a family or dependents of any sort, you can’t afford to have life insurance. Even if you’re not currently supporting a family, it’s critical to consider the benefits that term life insurance in Nashville has to offer.

People primarily think of life insurance as a death benefit, but there are many other ways it can be used. Whether it’s mortgage protection, income replacement, final expenses or college funding, life insurance can help stabilize and protect your financial life.

Who Needs Life Insurance in Nashville?

Like any other major purchase, determining whether term life insurance in Nashville is right for you can be a difficult decision. If you’re not sure whether or not you need life insurance, ask yourself the following questions:

Do I have a family?

Are you married? Do you have children? Are you a single parent? If you answered “yes” to any of these questions, then life insurance is certainly an option you need to consider. What if you died tomorrow or were involved in a life changing accident? Without life insurance, your family will struggle financially to make ends meet as an essential source of income disappears.

Am I a small business owner?

Life insurance in Nashville can protect your business from the untimely loss of you or a key employee. For instance, the policy could be structured to fund a buy-sell agreement, allowing remaining partners to purchase company interests of the deceased owner at an agreed upon price. For permanent life insurance policyholders, you can borrow against the cash value for your business expenses.

Am I retired?

Estate-tax payments can be up to 45% after you die, depending on the size and value of your estate. By investing in a life insurance policy, your heirs can use the funds to cover the taxes and any other debts. This allows your heirs to enjoy the full true value of your estate, rather than paying taxes on it.

Am I single?

There’s a popular misconception that singles have fewer responsibilities or are footloose and fancy-free. While this is true to a certain extent, most people still want to leave a legacy behind. Some single individuals even take care of a living parent. Life insurance allows you to leave a legacy and cover your funeral costs. Are you young and healthy? Consider buying into life insurance at a young age, especially if you intend on growing a family, as you may quality for low rates.

Will my estate owe taxes after I die?

If your estate is composed mostly of “non-liquid” assets, they must be sold quickly to raise cash to fulfill pressing bills. Federal estate taxes are due within nine months after death, so it’s critical that your heirs can convert your assets to liquid cash. Life insurance can provide enough liquid money to cover these taxes and unforeseen expenses after you die.

Thinking about life insurance can be difficult and depressing, but it’s critical to ensure that your loved ones are protected and financially secure. Royce Williams is an Allstate life insurance agent in Nashville who is dedicated to financial security for families and single individuals.

Interested in learning more about life insurance in Nashville?

Contact Royce Williams Insurance today to get your free insurance quote.

 

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