Is Life Insurance Considered a Gift?

Is Life Insurance Considered a Gift?

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Is Life Insurance Considered a Gift? Do not overpay for life cover: compare the whole market and save up to 40% on basic life insurance.

You probably plan and think for the best gift you could give to someone. You may think of clothes and apparels, bags, cars, house and lot, jewelries, and gadgets may be the best choice. But come to think of it, is it really what they need? Is it really worth it?

What is life insurance & why it should be given to someone as a gift?

Giving someone a gift in the form of life insurance is not h quite appealing to people compared to gizmos, spa certificates and others, but it is something important that they have never realised. Life insurance offers a lifetime protection and financial security as well. Regardless if it is a gift to kids or to adults, the policy can always provide a lifelong protection for as long as the premiums are paid. It is also a type of gift that increases value in time, especially if it’s a permanent life insurance. Yearly, the premiums are paid and the cash value of the policy grows.

When you buy one for young kids or for adults, the cash value will grow and may be accessed through the policy loans for numbers of purposes like spending money for the education of the kids, or it can also be used in times of death. There are death benefits that will sustain the burial and other expenses. It can also sustain the needs during retirement. The cash value grows in time, but on a tax deferred basis. That value was built within the whole life policy is also called cash value.

Better alternatives

The gift receiver can make a single lump sum payment to a single policy or the receiver of the gift can also pick the premium or death benefit. He/she can make the scheduled premium payments and with these choices, there are taxes and fees associated with them.

Advantages

Life Insurance offer advantages over other material things. These include the child’s education, the funeral cost, and financial support. Life Insurance Company will ensure the child’s education even when you die and will continuously support your love ones financially base on your policy’s cover. They will even pay the expenses of the funeral.

Disadvantages

People are focusing at their present wants and needs. This makes them forget that they can’t stay in the present all through their life. They buy the things that they think their love ones want at the moment not thinking about their future and what will benefit them the most.

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