Tax preparers and accountants, throughout their careers, help their clients protect themselves, decrease liability, and plan their financial future. Unfortunately, some tax professionals might forget about one crucial element of their financial strategy – life insurance coverage.
For the tax preparers that run independent companies that have the owner as their only source of income, a sudden disability, illness, or death can cause significant financial pressure. Life insurance coverage provides financial protection during the most difficult times.
Protection against debts is another crucial aspect. Leases, payroll, office expenses, and software subscriptions will still go on even after your income is gone. Having proper insurance coverage helps mitigate that financial burden.
Some modern life insurance policies may have an element of living benefits included. You might have access to a portion of your death benefit if you have a qualifying event.
Lastly, most tax preparers know how important planning is. The sooner you get life insurance coverage, the less expensive and easier it is to secure yourself financially. It gets morey difficult if you wait until you have certain health problems.
Living benefits may be provided by riders, which are supplemental benefits that can be added to a life insurance policy and are not suitable unless you also have a need for life insurance. Riders are optional, may require additional premium and may not be available in all states or on all products. This is not a solicitation of any specific insurance policy.