The Necessary Evils, Taxes and Life Insurance

It’s almost that time! We all call it tax time. It could be argued that its not the happiest part of the year while others can’t wait for that return! Taxes affect everyone but what all is taxed?

Life Insurance policies are lump sums of money to cover any costs from a loved ones death. These policies are usually tax-free and are paid in full to the beneficiaries. Although, if the ownership of the policy is transferred there is a possibility that it could be taxed by the federal government and could be seen as income!

Essentially, the money that could cover expenses such as accumulated debt from a desisted loved one could be taxed. Life Insurance should offer the security of knowing that all costs or outstanding funds are paid in full. Would you be willing to obligate your loved ones to paying off your debt, that wasn’t their responsibility?

Life Insurance can be purchased at any age. A policy can be unique depending upon the amount of debt anticipated to cover expenses. A policy can also be different than any other policy depending on the duration that the policy is redeemable in case of an unfortunate event.

There are hundreds of CPA offices, reported in the Charlotte area. These offices can provide many different services but mainly they organize and file taxes. These individuals have experience that makes these helpful folks professionals in their field! We are in the community so we recognize that experience and dependability is valuable to you. Being an independent agency we can provide unique customized Life Insurance Policies in Charlotte. We are able to provide you with the tailored made policies because we listen to you, the customers!

Before April 15th meet with a tax professional and let us here at Spivey Insurance Group help you with any policies that you may need help with!

Call us today at 704.821.4460, or 877.318.5951

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