Life Insurance

Many financial experts consider life insurance to be the cornerstone of sound financial planning. It can be an important tool in the following situations:

Replace income for dependents

If people depend on your income, life insurance can replace that income for them if you die. The most commonly recognized case of this is parents with young children. However, it can also apply to couples in which the survivor would be financially stricken by the income lost through the death of a partner, and to dependent adults, such as parents, siblings or adult children who continue to rely on you financially. Insurance to replace your income can be especially useful if the government- or employer-sponsored benefits of your surviving spouse or domestic partner will be reduced after your death.

Pay final expenses

Life insurance can pay your funeral costs, probate and other estate costs.   There are certain cost that are not covered by your health insurance that are covered by life insurance.

Create an inheritance for your heirs
Even if you have no other assets to pass to your kids or other family, you can create an inheritance by buying a life insurance policy and naming them as beneficiaries. By making them the beneficiaries they will receive the death benefit stated on the policy.

Create a source of savings

There are certain types of life insurance  that create a cash value, if not paid out as a death benefit, the cash value can be borrowed or withdrawn on the owner’s request. Since most people make paying their life insurance policy premiums a high priority, buying a cash-value type policy will help force you to save money as you are contributing every year to your life insurance.  It can create a kind of “forced” savings plan.

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