Sentences with phrase «key purpose of life insurance»
A key purpose of life insurance is to replace lost income.
https://www.newyorklife.com/ Not exact matches
A key advantage of an ILIT as compared to personally owning the insurance policy is that if the trust is set up and administered correctly, the assets owned by the ILIT will not be considered part of your estate for federal inheritance / estate tax purposes — meaning your heirs won't have to pay estate or inheritance taxes on the life insurance death benefits that are paid.
Life insurance protects your family from your financial debts and obligations after you die by providing a death benefit, but it also may be used for business purposes to compensate a company for the loss of a key person in the company.
The purpose of the insurance will help you to identify just how long you need to keep a key man life policy.
This option can also be ideal if it's for business purposes if you own your own business or in the case of key man or buy - sell agreement life insurance policies.
You might need life insurance for business purposes, like protecting against the untimely death of a key person or to fund a business perpetuation plan