Tuesday, 9 August 2016

John Kim of Syncis - Life Insurance – Who Needs it

John Kim is the Co-Chairman of Syncis, an independent marketing organization committed to helping individuals, families, and business owners understand the basic financial concepts. He started working in the financial services industry in 1997 and spent the next decade building a successful sales organization. Over the years, he has received several awards, titles, and recognition for his work in sales. He has also mentored several individuals who went on to become six-figure earners.

John Kim Syncis and the Associates of Syncis have helped several thousands of families understand basic financial concepts, and have collectively put over $1 billion worth of financial protection in place for small businesses, and families across the United States. He has assisted several clients in understanding the importance of life insurance. Here’s what life insurance is all about and who needs it.

Life Insurance
Life insurance is a financial vehicle that protects individuals, families, and businesses from financial loss associated with the untimely death of a family member or employee. It is also a financial tool you can use for retirement planning. It helps individuals and families of various income brackets maintain financial independence during times of financial hardship. There are several types of life insurances available today, they are; term, whole life, universal and variable.

Who Needs Life Insurance
If you are one among the following groups, you need life insurance.

  • Married Couples – Some married couples tend to think about life insurance only when they have children. However, this is not true. In the untimely death of your spouse, with a life insurance policy, you will be able to cover expenses and pay off debts. Some insurance companies will not issue policies for pregnant women, so you might want to take a life insurance policy as soon as possible. Married couples with children can greatly benefit by purchasing life insurance policies. Again, in the unfortunate event of the death of your spouse, you will not be left wondering how to pay for the children’s college tuition and other expenses. A life insurance policy helps families plan for the future.
  • Single Parent – As a single parent, the burden of providing for yourself and your children lie on your shoulders, and it is not an easy task. For a single parent, a life insurance policy acts as a safeguard for your children’s financial future. 
  • Retirees – If you are retired, depending on the size of your estate and after estate tax payments, your heirs could end up seeing about 45 percent go to the taxman. However, with a life insurance policy, your heirs will receive the proceeds immediately thereby allowing them to take care of any outstanding debts and pay for taxes, and funeral charges. 

In general life insurance proceeds are tax-free and will not be added to your estate tax liability if it is properly structured. John Kim of Syncis is committed to making financial products and services more accessible to middle-income families in the United States.

Source: http://www.lifehappens.org/insurance-overview/life-insurance/who-needs-life-insurance/