Top 3 Reasons Why You Must Have Life Insurance

1) Life insurance is a women's issue. Women have a longer average life expectancy than men. Many women also marry men older than themselves. Therefor, women can expect to be widows for 15, 20, or even 25 years. If you talk with a widow who is doing well financially, and a widow who is not doing well financially, the difference is likely life insurance.

2) Life insurance is a tax issue. Considering our nation's deficits, where do you think taxes are going? Some types of permanent life insurance provide tax-free income. If you work for a company who offers a 401(k) and matches a part of your contributions, I recommend participating up to the company match. Anything above the company match should be put into a vehicle that will provide you with tax diversification.

3) Life insurance is a wealth transfer issue. It is a vehicle to transfer wealth to your children and/or grandchildren. If you are wealthy, you do not need life insurance, but you do need a wealth transfer vehicle. With advanced planning attorney's, you could convert a large taxable estate into a tax-free transfer of your wealth, or at least a tax-free transfer of a part of your estate . Life insurance is the most tax-efficient way of transferring wealth.