Tuesday, 27 October 2020
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FAQ

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What is life insurance?

Life insurance is a unique financial asset which can be used to both protect future income in the event of death or disablement.

Life insurance can be used to:

    Recover loss of future income.
    In the event of an untimely death of a wage earner, spouses and dependants can be protected from financial loss by purchasing sufficient life insurance coverage to meet your expected monetary needs.

    Pay death taxes and estate settlement costs.
    Depending on the size of your estate, estate taxes may be substantial. Life insurance is one way to preserve an estate intact for future generations.

    Pay debts and meet financial responsibilities.
    Pay off your home and other debt obligations.

     

    Protect business assets.
    Key person life insurance protects a business from financial loss of a vital employee. The cost to hire and train key employees can be substantial and difficult to overcome.

    Shelter business entities.
    Businesses can be protected from breakup after the death of an owner by purchasing life coverage on all owners with the remaining stockholders as beneficiaries. This will allow the remaining owners the financial ability to purchase the business from spouses, dependents or other beneficiaries.

    Estate Planning.
    Proper estate planning frequently includes the purchase of life insurance. When considering life insurance as part of a trust, feel free to contact us for a competitive quote.

Here are some of the things to consider when buying life insurance:

     
    Who will own the policy?
    Ownership can vary greatly depending on need. The owner will be the only one allowed to authorize policy changes including beneficiaries. Trusts both irrevocable and non-irrevocable may also own policies in order to facilitate estate planning.

    Who will be the beneficiary of the Policy?
    Life insurance proceeds are paid in accordance with the schedule of beneficiaries. Choosing them properly along with good tax planning is necessary.

    Determining amount and term of life insurance?
    This can be the most difficult and frustrating part of the process. At FAC Insurance, we are trained to assist you in this difficult process. Contact us for guidelines and suggestions in meeting your needs.

    What type of policy should be purchased?
    Please contact FAC  to speak with an agent who are trained in life insurance and can explain the many different policies and assist in selecting the one which best fits your needs. Return to Questions