When you pass away, what can you leave behind for the people you love? If all your wealth is tied up in savings accounts and CDs, they may have to pay significant taxes before receiving their inheritance. If you wish to allow your heirs to avoid paying this tax on some of what they receive, it’s time for you to seek out single premium life insurance quotes.
Single premium life policies allow you to pay a sum of money just one time and have coverage for the rest of your life. Throughout that time, you can use the dividends you collect on this account to purchase more insurance, get cash out, or accumulate interest. When the time comes for your family to receive the death benefits, they may not have to pay taxes on the inheritance.
In most cases, the benefit is entirely tax-free for your beneficiaries, no matter how large the payout is. All of this means that you could purchase a policy today for a few thousand dollars and decades later, your children or spouse could receive hundreds of thousands or even millions of dollars without paying taxes on the money you earned for them.
If you want you’re the wealth you made to go to your family, not the government, get single premium life insurance quotes today.