When it comes to Life insurance, most people think that you can only use it for insuring loved ones. Although that is its original design and intent over the last few decades life insurance has taken many forms to better be flexible for what you care about. Today, we will look at different uses Life Insurance can go towards whether that’s giving your loved ones or loved passion protection.
Final Expense & Inheritance
Life Insurance policies, depending on your plan, can work in ways you never thought of before. Although Life policies are usually for final expense payments, did you know you can use it as an inheritance? Buying a policy and naming a loved one as the beneficiary sets them up as the heir to leftover money depending on your coverage amount. Don’t forget that this money is completely tax-free.
Left Over Expenses & Debt
Life Insurance can also be used to pay off expenses that might be left over after you pass. That house that you spent years on upgrading while steadily paying off the bill, wont return to the bank with your life policy covering the left over amount. Your new car that you bought to drive around town before you passed, you dont want to stick your family with that bill. Life policies can cover almost any unpaid obligations that are left over due to your passing.
Speaking of obligations, did you have any debt that you were still paying off? That school bill that you still owed thousands on? Your policy can pay the debt and let you rest in peace.
You might have been one who was into helping others. You might have even had a passion you cared deeply about making sure that it succeeded. Life policies can be taken out and used on your favorite charities. This way you can continue to help sere others even after you’re gone.
Whatever your reason, life policies are extremely flexible and can be used as more than just death coverage. Call your agent today and ask how you can take out a life policy!