Why everyone needs life insurance

Why everyone needs life insurance

I often find the misconception among unmarried people and those without children that they do not need life insurance. That could not be further from the truth. With the policies available these days, life insurance is about much more than simply providing a death benefit for those you leave behind. Here are some of the reasons why I believe everyone, young or old, married or single, should have life insurance.

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What if you could use the magic of compound interest for decades (i.e., a child policy), yet never pay taxes above basis because you take distributions as a loan?

It is not deemed as income, is not subject to required minimum distributions, and will not affect taxation on social security if in a life insurance policy. Death benefits are tax-free as well.

As a parent or grandparent, you can leave a legacy by using the magic of compound interest.