Life insurance is a perfect financial management tool to:
- Pay your funeral expenses
- Pay your tax and debts after your death
- Maintain your beneficiaries’ standard of living
- Leave an inheritance to your succession
It also gives you the possibility to:
- Save tax-free
- Benefit from a higher income at retirement
How to establish the life insurance amount you need?
You need to estimate your family’s financial needs in the event of your death, considering:
- Your debts (mortgage, car loan, credit card balance and others)
- Your funeral cost
- The income you need to support your dependents (like your children)
- The inflation rate
The face amount and accumulated savings with a life insurance are tax-sheltered.