Most of us take great steps to plan for our future and provide for our family. This desire for security often prompts us to purchase life insurance as part of our financial plans. If you're concerned about how your family will cope financially without you, life insurance may provide the protection they need. Life insurance pays out the death benefit usually within 30 days of death, while the rest of your estate may take weeks, or even years to settle. A life insurance death benefit can be used for many purposes, including:
- your family's immediate and future living costs
- your children's future education bills
- your debts, including the remaining balance on your mortgage
- your funeral bills
- income and/or probate taxes due on your estate
- charitable donations
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If you become terminally ill, you might be able to negotiate with your insurance company to receive a living benefit. Essentially, a living benefit allows you to receive some of the death benefit in your policy while you're still alive. This can be tremendously helpful to pay for medical expenses and additional care. There is also insurance you can purchase specifically for medical care, called "Critical Illness Insurance".
For more information or how to protect your family, contact one of our Advisors or send us an email.
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