Insurance is seen as a necessity to ensure a continuation of your family income, should the income provider pass away or become disabled.
You might think that insurance would be less important as the value of your investments and other assets grow. In fact, very often the opposite happens.
You build an increasing tax liability as your wealth increases or as you build your assets. Insurance can become an important vehicle for reducing your income tax burden.
The primary purpose of life insurance is to provide for dependents on death of a primary wage earner, but life insurance can also serve as an outstanding tool for transferring wealth to the next generation.
There are a variety of life insurance products specially structured to provide targeted benefits, including:
*Term endowment insurance
*Whole life insurance
*Children's plan
*Pension plan
*Unit linked insurance plans
Insurance can also be used effectively as an investment vehicle. Proper planning can help minimize the drain taxation can have on your business or estate. Planning means you choose how your assets get distributed. It involves a step-by-step approach and ensures that you receive only expert advice. The result could be a plan customized just for you.
You can use a tax-advantaged life insurance strategy to build a fund that grows on a tax-sheltered basis. You can select the investments and decide how much add when to invest. At a time like retirement, this tax-sheltered fund can be useful to provide a tax-free income. On death, the insurance proceeds and the investment funds are paid to your beneficiary, tax-free. Using insurance can be a cost-effective way of creating a legacy. No wonder insurance is viewed as an important investment for retirees and those approaching retirement.
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