Life insurance can be used for a host of reasons from tax-deferred wealth accumulation for high-income earners to estate tax planning. More commonly, life insurance is used to help ensure that if you don’t come home tomorrow, your family won’t be financially devastated. As a general rule, we believe that anyone who has someone else financially dependent upon them, should carry at least a term life policy if they can obtain one. We have extensive experience with people who have died prematurely and having, or not having an insurance policy can make a huge difference.
Disclosure: These policies have exclusions and/or limitations. The cost and availability of life insurance depend on factors such as age, health and the type and amount of insurance purchased. As with most financial decisions, there are expenses associated with the purchase of life insurance. Policies commonly have mortality and expense charges. In addition if a policy is surrendered prematurely, there may be surrender charges and income tax implications. Guarantees are based on the claims paying ability of the insurance company.
Raymond James and its advisors do not offer tax or legal advice. You should discuss any tax or legal matters with the appropriate professional.