Life insurance is the cornerstone of sound financial planning. Life insurance is generally cost-effective and is a crucial step in planning for your future and the future of your loved ones.
Benefits of having adequate life insurance coverage:
- Life insurance proceeds can be structured to pay estate taxes so your heirs will not have to liquidate other assets.
- Life insurance proceeds can allow your family maintain their standard of living and cover everyday expenses such as groceries, bills, rent, the mortgage, etc.
- Life insurance proceeds can provide the funds to cover the costs of a proper burial so your loved ones don’t have to worry about the expense.
- Life insurance proceeds can be used to pay off credit card debt, college tuition, and medical expenses not covered by health insurance.
- Life insurance proceeds can provide the funds to pay off the mortgage on your home so your family can stay in the house and not be forced to sell it.
- Life insurance proceeds can be designated to go to charitable organization(s).
NOTE: Portions of the above information have been graciously provided by The Insurance Institute.