The primary reason for individuals to get life insurance is financial security for their family. However, Richard Cayne of Meyer Asset Management Ltd Tokyo opines that the benefits of life insurance extend beyond financial security. A life insurance policy not only helps pay off daily expenses for your family, but can also help them avoid getting into legal or financial trouble later in life. Herein, we shall take a look at the various ways in which the cash received from a life insurance cover can come to the rescue of your loved ones.
Richard Cayne of Meyer Asset Management Ltd Tokyo says that since most individuals take personal loans during their lifetime, a life insurance cover helps their family pay off such debts in the event of their untimely demise. This way, in case the loan had been taken with respect to a property or a vehicle, the family can continue to retain the asset and pay off the remaining debt, even if they lose the main bread winner. Richard Cayne of Meyer Asset Management Ltd Tokyo mentions that besides daily expenses, taxes become a major hassle for families in the event of the demise of their main income producer. These taxes mostly pertain to an individual’s estate and can come to be an extra burden when income levels go down, which is why life insurance policies should be decided on only after taking such loans and taxes into account.
Another reason that investing in a life insurance policy makes more sense than leaving assets such as land or property for loved ones is liquidity and taxes. Richard Cayne of Meyer Asset Management Ltd Tokyo states that the amount released from a life insurance cover is tax-free, while the sale or transfer of most other assets entails a certain amount of taxes. This makes the money received from a life insurance policy all the more valuable, since it reaches the family on time, minus the hassle of having to pay taxes on the same. According to Richard Cayne of Meyer Asset Management Ltd Tokyo, a life insurance policy is quite beneficial to even those who are fortunate enough to live a full life. Since the amount released upon the completion of a policy is always more than what has been invested into it over a lifetime, Richard Cayne of Meyer Asset Management Ltd Tokyo says that it helps families create wealth, which can be an invaluable gift to loved ones in such competitive times.
Richard Cayne of Meyer Asset Management Ltd Tokyo says that since most individuals take personal loans during their lifetime, a life insurance cover helps their family pay off such debts in the event of their untimely demise. This way, in case the loan had been taken with respect to a property or a vehicle, the family can continue to retain the asset and pay off the remaining debt, even if they lose the main bread winner. Richard Cayne of Meyer Asset Management Ltd Tokyo mentions that besides daily expenses, taxes become a major hassle for families in the event of the demise of their main income producer. These taxes mostly pertain to an individual’s estate and can come to be an extra burden when income levels go down, which is why life insurance policies should be decided on only after taking such loans and taxes into account.
Another reason that investing in a life insurance policy makes more sense than leaving assets such as land or property for loved ones is liquidity and taxes. Richard Cayne of Meyer Asset Management Ltd Tokyo states that the amount released from a life insurance cover is tax-free, while the sale or transfer of most other assets entails a certain amount of taxes. This makes the money received from a life insurance policy all the more valuable, since it reaches the family on time, minus the hassle of having to pay taxes on the same. According to Richard Cayne of Meyer Asset Management Ltd Tokyo, a life insurance policy is quite beneficial to even those who are fortunate enough to live a full life. Since the amount released upon the completion of a policy is always more than what has been invested into it over a lifetime, Richard Cayne of Meyer Asset Management Ltd Tokyo says that it helps families create wealth, which can be an invaluable gift to loved ones in such competitive times.
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