Below are some additional benefits to life insurance:
- Life insurance policies have an added benefit of providing credit and law suit protection assets. This is especially important if there are heirs.
- Heirs will have access to their money in a much shorter period of time (weeks).
- There are no restrictions in choosing heirs that are typically hindered by common law rules
- The beneficiaries that are chosen cannot be contested. This is coupled with the disposition of funds being secured and cannot be fought over.
- One can avoid IRA and 401(k) laws for distributions. This can be achieved as the heirs will assume all the taxes that you avoided paying on those accounts.
Overall, Living Benefits of Life Insurance help to preserve and grow ones money instead of simply letting it waste away.
To read the full white paper on the Financial Secrets of Life Insurance, click below to download!
About First National Bank and Trust Co: First National Bank & Trust Company is a community bank located in Clinton, Illinois. Dedicated to community prosperity, the bank was chartered in 1872 under the name DeWitt County National Bank. The name was changed First National Bank and Trust Company in 1974, and was acquired by TS Banking Group in 2017. With $186 million in assets, First National Bank is dedicated to community reinvestment and gives 10% of its net income back to the community. For more information visit firstnbtc.com.