Individuals who are planning their retirement will need to do more than just save up their money. They will need to protect their wealth as well as provide financial security for their families. One of the best ways to ensure financial security for a family is by having a life insurance policy. This is a type of insurance policy that allows you to pay monthly premiums and then receive coverage. With a quality life insurance policy, a person will be in position to make sure that their family avoids any financial difficulties upon death. HCR Wealth Advisors is a firm that can help people find the life insurance policy that is right for them.
Whenever you get a life insurance policy, you make a contract with a company that provides certain coverage. The policy offered by a life insurance company will provide the beneficiaries with a payment of a set amount upon your death. One of the best things about life insurance policies is that they are often exempt from income tax. All of the funds associated with the policy are paid directly to the beneficiaries. This helps them avoid the costs of probate. Some of the proceeds of a life insurance policy may be subject to an estate tax. It is best to consult with a financial advisor such as HCR Wealth Advisors to learn more about the estate tax requirements.
There are two types of life insurance policies. They are term life insurance and permanent life insurance. Term life insurance provides you with coverage for a certain amount of time. This ranges between 10 and 20 years. Once the term is up, the coverage is terminated. Using a term life insurance policy is ideal if you are looking to replace lost income. The next type of policy is the permanent life insurance policy. This policy provides coverage your entire life until your death. It allows beneficiaries to receive funds to help with expenses upon death as well.
HCR Wealth Advisors is a leading financial services firm in Southern California. This firm offers a variety of services that help many clients plan their financial future. The firm can help clients plan their retirement, save up for college and also get feedback on how to reach their unique financial goals. HCR Wealth Advisors has a dedicated staff or professionals who are committed to helping clients find the best solutions for reaching their financial objectives.
This article is for informational purposes only and should not be considered investment advice. HCR Wealth Advisors is not affiliated with this website.