As you work hard for your family’s future and decide to have life insurance from Manila Bankers Life, you might be thinking about how would it help you build generational wealth that will keep your family secured financially in the long run. 

Here are five ways on how life insurance can help you build multi-generational wealth for your family. 

1. Life insurance proceeds are usually tax-free.

A typical scenario for insurance recipients is that the money from a life insurance policy is generally not counted in calculating your gross income. The inheritance of these funds in a tax-free manner could help your family to establish generational wealth.

2. Life insurance as a tool for paying estate taxes

Most families would use life insurance to help cover living expenses in the event of an untimely death, such as mortgage payments and medical costs. For many affluent families, life insurance can offer another benefit by paying estate taxes.

The death benefit is paid out upon the insured’s passing, and the policy’s value is added to the gross estate value for tax purposes. Plus, death benefit payments can be used to cover any estate taxes that may be incurred.

3. Life insurance can ensure your children’s education.

Having a life insurance policy is the key to building a financial backup, especially if you have young children and the unfortunate happens. Life insurance can help in your children’s education as it accumulates cash value over time. And you can tap that money in the future for whatever you want, such as to help with their education expenses. 

4. Life insurance as a lifesaver in case of emergency. 

In life, emergencies are inevitable from sudden hospitalization, and business challenges. You can take out a loan against your permanent policy which is usually lower than what’s charged by other lenders. And access is much easier than getting a traditional loan since the money is already there in your policy acting as collateral.

5. Life insurance is a tool to accelerate death benefits to provide for you and your family before you pass.

If you have terminal illnesses and your life insurance policy has an accelerated death benefit, you could access the money in the policy while you’re living for things like medical bills, cost of care, or even to take a dream vacation with your family. Any remaining death benefit would still go to your chosen beneficiaries after you die.

Having life insurance for your family is the best way to help build generational wealth and put your loved ones ahead and provides them with a secured future in the long run.

Manila Bankers Life is with you in helping you build generational wealth with its different life insurance plans that would suit your needs.

For more information, you can visit Manila Bankers Life‘s website: https://manilabankerslife.com/products.html

Let them help you for your plans for the future as you continue to show your love to your family!