Syndicated Financial Columnist, Host of the weekly talk show Steve Savant's Money, the Name of the Game, Scottsdale Arizona
There are three basic people groups that may suffer economic loss at your demise based on your financial liabilities, future obligations and charitable organizations that depend on your contributions: family members, business partners and non profit organizations. Those three people groups constitute your potential beneficiaries. Purchasing life insurance is a stewardship issue of the highest financial commitment.
If you die without life insurance, your family or friends will figure out how to take care of your funeral and settle your estate. They nearly always do. The difference is that life insurance makes it a lot easier.
Life insurance money if provided relatively quickly, is not taxed, and does not go through probate. That enables your loved ones to pay your funeral bill (sometimes getting a discount for quick payment), make regular payments due on your rent or car payment or utilities or other bills, and not have to worry about passing the hat or putting someone in a hard place until your estate is settled.
People die without life insurance every day. You don't have to.
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Life insurance money if provided relatively quickly, is not taxed, and does not go through probate. That enables your loved ones to pay your funeral bill (sometimes getting a discount for quick payment), make regular payments due on your rent or car payment or utilities or other bills, and not have to worry about passing the hat or putting someone in a hard place until your estate is settled.
People die without life insurance every day. You don't have to.