When you list the financial assets on your balance sheet, you might think immediately of your house, vehicles, retirement funds or financial investments. Another essential element in your financial plan, your life insurance, offers benefits that other assets don’t.
Today, there is a wide variety of life insurance available, the most basic of which are term and permanent. Within each of these categories, however, there are many different types to choose from – and being familiar with these can help you better customize the coverage to meet your specific needs.
Although there are a lot of benefits to having life insurance, below are the 4 most common.
Paying Final Costs
The cost of a funeral and burial can easily run into the tens of thousands of dollars, and you don’t want a spouse, parents, or children to suffer financially in addition to the emotional devastation of a losing a loved one.
Life insurance benefits can help replace your spouses income at the time of death. Allowing you the necessary time to grieve without having to worry about having to pay the day-to-day expenses of your life.
Pay Off Your House
In addition to providing income to cover everyday living expenses, life insurance can be used to cover debts like the mortgage so your family wouldn’t have to sell the house to stay solvent. We can structure policies where the main function is to pay off the mortgage.
A policy with a named heir as a beneficiary would secure an inheritance for your loved ones. The death benefit can also serve as a supplement to other inheritance funds you may wish to leave your heirs.
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