Daniel Chung talks Life Insurance

Las Vegas Real Estate Radio Show.

Daniel Chung of Mass Mutual was with us once again on May 4th and brought great information to our listeners about life insurance. He explained that life insurance that is personally owned adds assets to your estate and it is important to discuss these items with your advisor to make sure your policy doesn’t exceed the federal exemption limit for tax liability purposes. Currently the exemption limit is five million dollars and Daniel advises to consider having a ILIT (Irrevocable Life Insurance Trust) own the life insurance policy to protect assets in excess of five million dollars.

Daniel further emphasized that EVERYONE needs life insurance because when someone passes away there are always price tags. It is also important to protect income that loved ones you leave behind are dependent upon and to secure their futures in your absence such as your children going to college.

Another thing that Daniel mentioned is that life insurance is generally a tax free benefit unless you are over the federal exemption limit so it’s important to discuss your policy with an advisor to make sure you have the right benefits in place and your beneficiaries will receive the full value of the benefits.

We appreciate the great information Daniel brings us that empowers our listeners to make wise financial decisions for themselves and their families.

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