The Top Reasons You Need Life Insurance

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Some people question the need for life insurance and while this is a personal decision you should make based on your individual needs, there are some important reasons insurance companies give for why you should carry a quality life insurance policy.  Texas life insurance obtained from Texas State Life Insurance is offered through Americo and on their website they offer some clear and concise reasons for carrying life insurance.  Review the following reasons with your family and financial advisers to determine what is right for you.

The most obvious reason for Texas life insurance is income replacement if you were to pass away.  Most people earn a living as their main source of income to pay their bills.  Getting texas life insurance to cover that income for a few years is the best way to make sure your family is secure.

The next reason is to pay off outstanding debts and long-term obligations.  Texas Life insurance can play a critical role in preparing your family for the worst case scenario.  Bills such as mortgages, car loans, college and medical expenses add up fast and life insurance can take care of these bills in one swoop if the right amount of coverage is purchased.

Another important reason to carry Texas life insurance is for estate planning.  Because of the way texas life insurance works, your beneficiaries should receive funds painlessly and often times tax free.  Your family does not have to feel the burden of figuring out how to handle your bills if life insurance is in place for beneficiaries.

The final reason on this website that many people choose to carry life insurance is to have a means of making a large donation to a charity if you were to pass away.  You can designate some or all of a life insurance policy to a charity you hold dear to your heart.  Even if you were unable to financially make large donations to this charity you can have peace of mind knowing your life insurance policy will handle this.

These are some of the main reasons it’s important to at least look into life insurance quotes for you and your other family members.  Take the time and do your research to ensure you make the best decision based on your particular situation.  You can be confident that it will be well worth your time and effort.

1. You never know.

Dying suddenly — in an accident, by unexpected illness or even of natural causes — can happen at any time. Texas Life insurance helps your loved ones pay the mortgage, bills, even college costs, after you’re gone. It also provides tax-free cash to pay estate and death duties. Nothing can replace you in their hearts, but planning ahead with life insurance can make things easier for those you leave behind.

2. Funerals are expensive.

In some cases, upwards of $7,000 to $10,000 — and we’re not talking about extravagant funeral services. This is the average cost of a burial ceremony that will be faced by your loved ones.  At an already difficult and emotional time, your life insurance can cover these expenses without financial hardship or further stress.

3. Protect those you love.

In your life, you work hard to make sure those you love — spouse, partner, children, family members — are taken care of. It’s just as important to consider providing financial support for the future living costs of surviving dependents. After all, they will have to go on without you. Make sure they’re protected, too.

4. Death shouldn’t mean debt.

Life Insurance can help your dependents cover any financial responsibilities that are left after your death. Debt can be a tremendous burden, on top of the already emotional toll your absence creates in their lives.

5. Anything can happen.

If you develop a serious illness, you may not be able to get life insurance to the extent you need it — or at all. If you have a terminal illness, life insurance can provide you with financial support. Life insurance can also be used in case of emergencies by requesting a withdrawal or loan.

6. Take care of business.

Life Insurance isn’t just for individuals. It can protect a business from financial loss, liabilities or instability in the case of the death of a business owner/partner. Whether providing necessary short-term cash or keeping operations going until things settle, life insurance can be invaluable in maintaining the business you’ve worked so hard to build.

7. Supplement your retirement.

You can use life insurance to make sure your retirement savings lasts as long as you do. An annuity is like a do-it-yourself pension plan — you put an amount of money into a life insurance product and in return you get a guaranteed stream of income month after month, for as long as you live.

8. It makes financial sense.

Life insurance is considered a financial asset, which can help increase your credit and help you to get a loan or health insurance. Many policies have cash value, which even in case of bankruptcy cannot be touched by creditors.

9. Give to charity.

Life Insurance can enable you to leaving a lasting gift to a favorite cause or charity that is much larger than you would otherwise set aside for donation.

10. Peace of mind, plain and simple.

No amount of money can ever replace a person. But more than anything, life insurance can help provide protection for the uncertainties in life.

At Futurity First, our community-based agent representatives can help you find the right insurance solutions. Even if you already have life insurance, it’s important to make sure it’s up-to-date.

Walmart pays $2 million to settle life insurance lawsuit

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Walmart has agreed to pay more than $2 million to settle a class-action lawsuit that alleges the retail giant secretly took out life insurance policies on some of its Florida workers in the 1990s.

After attorneys fees and other costs, the settlement will result in an estimated payout of $5,800 each to the estates of more than 200 deceased former employees, according to court filings in U.S. District Court. The two lead plaintiffs, Richard Armatrout of Tampa and Wayne Atkinson of Pasco County, are each to receive $10,000.

The plaintiffs’ wives, Karen Armatrout and Rita Atkinson, were former Walmart employees who died in 1996 and 1997, respectively.

When contacted for comment, plaintiffs’ attorney Michael Myers released a joint statement from his clients and Walmart: “The settlement is the result of significant arms-length negotiations and is fair and reasonable. Walmart has not bought company-owned life insurance (COLI) in 15 years, and it just makes sense to settle this matter.”

The plaintiffs’ law firms in Houston and Miami are expected to receive $673,000 in legal fees under the settlement.

U.S. District Judge James Moody on Thursday gave preliminary approval to the settlement and scheduled a hearing for Oct. 17, when the beneficiaries of the class action can object if they wish.

The class includes the executors and administrators of the estates of people whose lives were insured under Corporate Owned Life Insurance Polices purchased by Walmart while they worked as associates in Florida and whose deaths occurred no later than Jan. 31, 2000, and resulted in the payment of insurance policy payments to Walmart.

The company received $55,000 to $90,000 on each policy payout, according to court filings.

The settlement ends a string of litigation that began more than four years ago.

Walmart has maintained all along that it did nothing wrong and that it informed employees that it was taking out the policies in their names. The company said employees were allowed to opt out.

The lawsuit, however, alleges the company told employees that Walmart would not collect policy benefits.

The company has said in court filings that it received more than $9 million in payouts from the policies, which were taken out on all full-time Walmart employees who, in December 1993, were ages 18 to 70 and participated in the medical benefits plan. The company stopped taking out the policies in 1995 but continued to receive payouts on employees who died, even after they left Walmart.

Walmart, which said it canceled its policies in early 2000 because it was losing money on the arrangement, says the program was intended to reduce its income taxes and help pay rising employee health care costs.

Wal-Mart Stores Inc. has settled three other lawsuits on the issue in Texas, Louisiana and Oklahoma.

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