No matter how old or how healthy you are, you face the chance of dying tomorrow. With this possibility hanging over your head, it is best to plan for an untimely demise by purchasing life insurance. Some PA residents do not obtain policies because they believe their funerals will not cause any undue financial burden on their families. Is this correct?
No matter your age or level of wealth, you owe it to your family to purchase life insurance. With the average funeral costing several thousand dollars, individuals who do not obtain coverage could be forcing their families into debt upon their demise. The following questions could help you in this vital task.
The cost of a college education could be several thousand dollars for a single year. Few parents could afford to pay such high tuition rates, especially since many have been forced to break into their savings during these difficult financial times. In order to ensure their children have the best possible chance for success, some have turned to student loans to pay for their son or daughter’s education.
According to the 2010 Census, PA has about 2,702,603 residents aged 60 years or older. If you are in this age group, and are preparing for retirement, you might think of getting older as being a bit of a negative experience. But it doesn’t have to be thought of that way, and it’s important to put negative thoughts aside and ensure you have your health and life insurance up to date, and your will.
We’re often asked by people who are considering taking out life insurance if their beneficiaries would be taxed on the benefit. It’s not surprise that this is a concern for those undertaking estate planning – after all, an inheritance isn’t always so grand if the heir or beneficiary has to sell a property, for example, in order to pay tax. However, in PA, life insurance that is paid directly to a beneficiary isn’t normally subject to inheritance tax.
