Page 281 - FlipBook BACK FROM SARAN - MAY 5 2020 - Don't Make Me Say I Told You So_6.14x9.21_v9_Neat
P. 281
Don’t Make Me Say I Told You So 267
Life Insurance
For reasons that are not clear to me, the term “life insurance”
makes a lot of people cringe, wince, or hold their hand up in
the “stop” gesture. I’m not sure why many people have such a
negative reaction to life insurance. Life insurance can actually
be an excellent way to leave a meaningful legacy to your spouse,
children, or grandchildren.
I have insurance on myself to protect my spouse and my
children. That makes me feel good, and makes my wife feel
secure financially. No matter what happens to my investment
portfolio, the value of my home or the value of other assets, I
know that, upon my death, my wife will receive a check from
the insurance company. The check will not be subject to federal
taxes, state taxes, estate taxes, local taxes, or any other taxes –
that entire amount will go into my wife’s bank account when I
die. With so many other things that you can’t control, it’s nice to
know exactly how much your beneficiaries will receive from life
insurance when you pass away.
Chapter 6: Your Action Plan
