Old Bay Insurance Agency Blog
The common question that financial advisors get when offering life insurance: is this a wise investment? The typical answer that we usually hear is yes, it is a wise investment that you will benefit from even how old you get. Life insurance in the form of a death benefit will also help your family reap the fruit of your hard work. That said, here are some of the substantial proofs of why life insurance is a wise investment:
Life insurance as an investment for you and your family
Getting life insurance is a considerable part of risk management. Specifically, the death benefit helps you and your survivors to reap your hard work even after you die. It also saves your business partner from potential debt and generally promotes liquidity for premature death.
The real question now is, how does it become an investment for you and your family? Insurance policies have a plus as they have tax benefits. The insurance generates massive taxes that your family will benefit from as time goes by until the savings grow into a million. Further, some families use dynasty trusts to keep their money moving from generation to generation. This plan now becomes a family investment and not just an individual one.
Life insurance as an investment in retirement planning
After we retire from work, we usually get an amount that is much lower than our monthly work wage. Hence, life insurance can be a great way to supplement your monthly income. You also pay lower taxes at this stage as it is well-compromised during your high-earning years.
This same coverage can also be the source of maintenance medicine, check-ups, and other monthly bills that you have to pay even after retiring. Meaning, it does not only support your needs in the present but shapes you to be ready in time of old age.
Is it wise to get one today?
As early as possible, getting life insurance is best to invest in. It is cheaper and more advantageous when you buy it at a young age. Apart from that, your family will reap more from it through a death benefit. You will also get a large amount after you retire.
At Old Bay Insurance Agency, Inc, we do our best in making sure that our clients are well-protected with affordable and comprehensive policies. We make sure to go the extra mile to help you with your needs. To learn more about how we can help you, please contact our agency at (410) 777-5390 or Click Here to request a free quote.