The Advantages of Insurance

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Insurance has a number of clear advantages that can't be avoided. Learn about the advantages of insurance with help from a professional financial planner in this free video clip.

Part of the Video Series: Life Insurance & More
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Video Transcript

Hi, my name is Michael Hardy and I'm with Mullet and Hardy and today we're going to talk about the advantages of insurance. First of all let's think about what insurance is. Insurance is a product that's going to make an individual financially whole for an accident or possibly a death. In the case of life insurance, life insurance would have numerous advantages to the owner. One advantage would be to financially make a family whole if they were to pass away for any type of death in which case the family would have money to bury the individual with, would have money to pay for the individual's debts or would have money to put their children through school. The other advantage of life insurance is that it could potentially cover taxes upon the death of the owner in which case estate taxes. If you have an individual who has a high net worth and they pass away, there may be significant amount of estate taxes due on their death in which case the value of life insurance can pay estate taxes for that family. Thank you. That was advantages of life insurance and I'm Michael Hardy with Mullet and Hardy.

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