Life insurance: a wealth creation tool
Life insurance: a multigenerational wealth creation tool. Not all of us are fortunate enough to be millionaires or to leave a great legacy to our children. Even less so, if we belong to the first generation of our family to immigrate to the US, barely mastering the language and with only a few years under our belt.
What no one can doubt is that one of the reasons that drove us to leave our country was to look after the future of our children. Precisely, the well-being of loved ones is the motivation for having life insurance, considered by many as an efficient tool for multigenerational wealth creation. That is to say, that your loved ones can advance financially, after your passing.
There are several reasons to see it this way. For the vast majority of us, it is quite difficult to leave an inheritance to our loved ones, for example, of $500,000. However, with a typical life insurance policy, you can leave that amount and much more to your family, in the form of a death benefit, without making a great economic outlay.
Suppose that you indeed succeeded in your life and managed to save those $500,000 for your children for many years. The reality is that as soon as your family receives them, they will have to pay taxes on the inheritance. Something that does not happen with life insurance, which your loved ones collect in full, tax-free.
Another reason to call it a multigenerational wealth creation tool is that if you have the misfortune of passing away when your children are young or studying in college, the death benefit can be used so that they can continue to maintain their dream of studying, without losing their quality of life or resorting to those student loans that financially burden them for a good part of their lives. The death benefit can be used to pay off a mortgage, pay for a wedding, cancel loans, start a business, or create a reserve to avoid unexpected expenses.
A life insurance policy can be the turning point for future generations of your family to achieve better well-being.
At Univista Insurance, you can purchase any of the different life insurance policies available in the market and start protecting the future of your loved ones. Although you may find it hard to believe, a life insurance policy is one of the cheapest insurances you can purchase. Life insurance: a multigenerational wealth creation tool.