Many people wonder the same thing, why they should invest in life insurance. Considering that life insurance is not free, this is a reasonable and understandable question. You should question every investment decision you make to ensure you are receiving what you want for what you pay for. When it comes to investing in life insurance, there are a variety of benefits you can receive. If you ever have questions related to financial decisions or bankruptcy, then feel free to talk to a Tennessee bankruptcy attorney for answers.
HOW CAN TENNESSEE LIFE INSURANCE BENEFIT ME?
Tennessee life insurance offers a variety of benefits that can help you and your family when death comes closer. Believe it or not, death is not free and comes with different fees like funeral expenses, burial fees, estate administration costs, and death taxes. Not everyone realizes that death tax rules require your surviving family members to pay estate taxes that vary by each state.
All of these expenses surrounding a death can add up fast and you may not always have the funds needed to help you and your family cover every expense. Life insurance, on the other hand, provides coverage for all of these financial factors. Not only can life insurance cover funeral and burial costs, but life insurance can also be used for other things like:
- Medical expenses leading up to your death
- Build up savings when life insurance is not paid out as a death benefit
- Increase the inheritance given to your family
- Coverage for some debts
- Paying for administration estate costs
Life insurance can also help replace income for your family after you pass away. This can be especially important for family members who have depended on your income to financially survive. Overall, life insurance can help prepare your family for various financial obstacles that may arise when you pass away.
WHICH TENNESSEE LIFE INSURANCE PLAN SHOULD I CHOOSE?
The good news is you only have to choose between two main types of Tennessee life insurance. These are term life insurance and cash value life insurance. On the other hand, the bad news is there are several subtypes within these two main types of life insurance to choose from, each with different perks.
Term life insurance works like this, you purchase coverage that only lasts a certain period of time, like a year or ten years. You will know how long this coverage will last, but you will lose your life insurance benefits if you do not pass away within that timeframe. Cash-value life insurance, otherwise called Tennessee whole life insurance, will last your entire life and allows you to build up cash value you can use while you are alive. The only downside with cash life insurance is the price.
BANKRUPTCY ATTORNEY IN CHATTANOOGA, TN
Choosing whether to buy life insurance can be a big financial decision to make. Feel free to talk to our legal team in Chattanooga, Tennessee, and North Georgia if you have any questions related to this or bankruptcy. You can contact Tom Bible Law today at (423) 690-7712 to talk to a Bankruptcy lawyer in Tennessee for a free consultation. Our Tennessee bankruptcy lawyers are located in Chattanooga and Tullahoma.