Last Updated on January 20, 2021
4. Life insurance is usually tax-free.
Life insurance can save you many headaches. For instance, if it happens and you died during your life insurance, your money goes directly to your family and loved ones. In other words, the payouts to your beneficiaries will be tax-free. So you don’t really need to stress out and spend time calculating your family’s future needs in case the tax code changes over the next couple of decades. The cons of Life insurance No one can argue that life insurance provides security for you and your loved ones, but this doesn’t mean it has no drawbacks! Everything has downsides, including the things we love or enjoy most: vacations, cupcakes, and even puppies! So if you are thinking about taking this step and doing something that can give you peace of mind and keep your family financially secured and protected, keep these things in mind:
