Why Get a Life Insurance?

Life insurance can financially protect your family and loved ones. It can replace your lost income. It can help your family pay off debt once you pass away. It can even help pay for future education for your dependents. And it can help cover your final expenses. 

Here are the top 5 reasons to buy life insurance Perth: 

1. Creating Inheritance for Your Heirs 

  • A lot of people think they cannot create inheritance since they do not have assets. If you do not have assets, you can still create inheritance. 
  • You do not need assets to create inheritance. You can buy a life insurance cover to create an inheritance. You will just name your heirs as beneficiaries. 

2. Contribute to Charity 

  • If you want to make a large contribution to your charity, you can purchase life insurance and make the charity the beneficiary. 
  • Do not just donate the cash equivalent to the premiums of the life insurance. Life insurance can, therefore, help you make a large contribution to your charity. 

3. Replacing Income for Your Dependents 

  • If you have dependents and you want to protect them, you need to get life insurance. If you, unfortunately, pass away, the life insurance coverage can replace the income for your dependents. 
  • If your dependents lose that income, they would be financially stricken. Do not let this happen to your loved ones. If you do not want to leave them with financial burdens, get life insurance. 

Also read: Can You Have Multiple Life Insurance Policies?

4. Savings 

Once you get life insurance, you will prioritise more on paying your premiums. If you, therefore, buy a cash-value type life insurance policy, you will create a savings plan. You do not even have to pay tax on the interest credited if the cash is paid as a death claim. 

5. Pay Taxes 

You can use your life insurance benefits to pay estate taxes. Once you pay the taxes, your heirs do not have to take a small inheritance or even liquidate assets to pay the taxes. Therefore, you can use your life insurance to pay state “death” taxes and federal “death” taxes.

Related post: Life Insurance Policy: How Pay-Out Works?

It is beneficial to get life insurance Perth residents trust. It can help you leave an everlasting influence on those you care about. If you pass away, your beneficiaries can use it to pay off debts, college tuition, or pay a mortgage. If you are researching life insurance and intend on taking one in Perth, Western Australia, contact Absolute Insurance today.

Also read: Learn all about Life Insurance in Australia

Greg Maguire

Greg Maguire

Greg is an experienced Insurance Broker in Perth, WA, with an Advanced Diploma of Financial Planning from Deakin University and a Bachelors Degree from Edith Cowan University. He is a member of the Chamber of Commerce & Industry WA and Baldivis Rotary, as well as Vice President of the local high school's Parents & Citizens Association. Greg provides personalised and dedicated services to his clients that bigger firms are unable to match.