Whenever a person is looking prepare for retirement, one of the things that should be considered is how to ensure financial security for the family. One of the things that can be done to secure a family’s financial future is to get life insurance. Life insurance can provide comprehensive coverage for a family. Life insurance can help to prevent financial problems for survivors after the death of a loved one. Clients who are looking to learn more about life insurance are able to consult with the knowledgeable professionals of HCR Wealth Advisors.
Getting a life insurance policy has a couple of benefits besides providing coverage for one’s family. With a life insurance policy, a beneficiary will be able to get proceeds that are exempt from income tax. This will lower the tax burden for those who receive an income from the policy or a large cash payout. Depending on the type of coverage a life insurance policy provides, the policy proceeds may be subject to an estate tax. HCR Wealth Advisors can provide more details about the tax implications about the estate tax and refer a client to other professionals such as a certified public accountant.
When deciding to get a life insurance policy, a person will need to decide whether to get a term life policy or a permanent life insurance policy. Both types of policies provide lots of benefits and sufficient coverage. However, they have differences. With a term life policy, the coverage is for 10 to 20 years. After this time period, the coverage expires. Anyone looking for income replacement will benefit most from this policy. A whole life or permanent life insurance policy provides coverage for things such as debts and funeral costs. This is valid until the policyholder dies. Upon death, the family will receive the proceeds of the policy.
HCR Wealth Advisors provides comprehensive financial advisory services to a variety of clients. The firm offers investment management, retirement planning and college savings plans for its clients. It serves many different types of clients which include high net worth individuals, business owners, individuals and families. For over thirty years HCR Wealth Advisors has established a reputation as being one of the most trusted firms in Los Angeles and the surrounding area.
This article is for informational purposes only and should not be considered investment advice. HCR Wealth Advisors is not affiliated with this website.