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The Rich Really Need Life Insurance

Vorlon Whispers:

It turns out that rich people need life insurance more than you and I.

I was chatting with my insurance agent this afternoon and he told me about a client that is worth probably $80 million. This person is taking out a life insurance policy worth probably $40 million.

One might wonder why someone with that kind of net worth would take out a life insurance policy worth that much money. This individual is taking the policy out to pay inheritance taxes. Life insurance proceeds to heirs are not taxed.

By taking out this insurance policy, this fellow gives his heirs the money to pay their inheritance taxes. That way they can keep the other assets that will be bequeathed to them.

Read more.

Posted by Dane on May 16, 2005 | 0 Comments

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