Utah Life Insurance
The basics
What is Life Insurance?
Life insurance is a valuable financial planning tool that promises your loved ones a level of financial security when you are gone.
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- What will happen to your loved ones when you are gone? How will monthly bills, house payments, and other debts be paid?
- Will your spouse have to work full time (or overtime) to provide a family income when you are gone? If so, life insurance can replace your income so your family can enjoy the same lifestyle they are accustom to.
- Is an education secure for your child(ren) whether you are here or not? Will daycare, child support, and other obligations exist when you are gone?
Life insurance is an excellent solution to all of these problems.
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How It Works
Face Amount / Death Benefit
When you purchase a life insurance policy, you choose a specific death benefit (sometime called the face amount).
Beneficiaries
When you purchase life insurance, you choose a beneficiary. Your beneficiary is a person or people that you name, that receive the specified death benefit when you die. You can choose to list a primary beneficiary, and contigent beneficiaries. If the primary beneficiary is living upon your death, the death benefit is passed to them. However, if the primary beneficiary is no longer living upon your death, the contingent beneficiary/beneficiaries receive the death benefit.
What Life Insurance Covers
Why buy life insurance? Utah Life insurance can be used for many purposes. Here are a few examples:
- Income replacement
- College tuition for your children
- To create an inheritance
- Child daycare expenses
- To pay off debts (house, cars, credit cards)
- Funeral and other final expenses
- Charitable donations
Life Insurance Taxes
Typically if the life insurance premiums were paid with after-tax money, the death benefit is not taxable. However, if the premiums were paid with pre-tax money (as they often are through an employer) then the death benefit is taxable.
Other Uses for Life Insurance
Utah Life Insurance for Businesses
Key Person Life Insurance
Businesses often use life insurance to protect against the loss of a key person that is uniquely valuable to their business. Often times, this person is the business owner themselves. The death benefit paid from a key person life insurance policy allows the business to readjust and move on.
Partnership Life Insurance
Partnerships are business entities formed by two or more people. If one partner dies, the other partner(s) and the business itself are likely to suffer in many ways. The death benefit paid by a partnership life insurance policy allows the surviving partner(s) to continue their daily business with limited interference.
Sole Proprietorship Life Insurance
When a sole proprietor dies, the business often ceases to exist also, since they are one in the same. A life insurance policy can ensure the new owner's ability to resume the business, as well as the sole proprietor's family's ability to replace his or her income for a certain number of years.
As of 2011, we are seeing some of the lowest term life insurance rates in history.
by Jared Balis
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This Utah insurance website was created and is maintained by Jared Balis, an independent Utah insurance agent.
(UT license #192152)
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