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William Schantz Scholarship

Bill Schantz Reinforces Why People Should Buy Life Insurance

By definition, life insurance pays out a lump sum of money upon death or after a set period of time. Most people find it difficult to talk about death. Furthermore, it appears that thinking about the end of life and having insurance in place for that time is a delicate subject to bring up. Life insurance, on the other hand, is a topic that demands careful thought for a variety of reasons since death is an unavoidable event.
According to Bill Schantz, it is vital to ensure that people leave some money for their next of kin to manage expenses when they die. However, there are a number of common misconceptions and stigmas surrounding life insurance. People frequently have misunderstandings regarding how life insurance works, the dynamics of various types of life insurance, and other related topics.
Here are some of the reasons why people are hesitant to purchase life insurance:
Bill Schantz Explains Why Employer-Provided Insurance Is Not Sufficient
Bill Schantz notes that this is a myth that can go both ways. An employer-provided term life insurance coverage may be sufficient for someone who is single and has no dependents. For those with a spouse, children, or ageing parents, this is not always the case. Individuals who are aware of liabilities that must be paid upon death should acquire additional insurance to protect those who are left behind.
Life Insurance Is Also Required for Singles Who Have No Dependents
It is impossible to predict how long one will live, and death might occur at any time. That is a fact, regardless of how terrible it may appear. In this aspect, it makes no difference if a person is single and has no dependents. When a person’s time on Earth comes to an end, life insurance ensures that they leave enough money to pay off personal debts, outstanding medical bills, and burial costs. You can also leave this amount as a bequest to charity or other purposes.
Premiums Are Subject to Taxes
This is not the case in the great majority of cases. Personal life insurance premiums are never tax deductible unless the policyholder is self-employed and the coverage is utilized to protect the business owner’s assets. The premiums are then deducted from Schedule C of Form 1040. Most people who have or want to get life insurance have the misperception that premiums for salaried individuals are tax deductible.
It Is Not a Must to Get Life Insurance per Bill Schantz
Skipping life insurance may be a reasonable choice for those with large assets and no personal debts that would go to their heirs to pay up. Most people, on the other hand, do not have this luxury, thus getting insurance is a good idea. People may still choose to ignore the opportunity of getting life insurance, as Bill Schantz points out, but this can have long-term ramifications.
Individual life insurance, Bill Schantz states, can make a significant difference in tough situations. Paying small monthly premiums for coverage that can provide benefits when they are most needed is preferable.

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