Top 5 Unexpected Uses for Your Life Insurance Policy
No one wants to think about life insurance, but it’s essential to have a policy in place to ensure your family is cared for. A policy can also provide unexpected benefits beyond covering your end-of-life expenses in five important ways.
1. Pay for College Tuition
Life insurance can help cover the cost of higher education. If you have a policy in place, you can help defray soaring tuition costs should the unexpected happen. In the event of your death, the proceeds of your policy can be used for a variety of education scenarios.
2. Cover Mortgage Payments
Put your family in a great position to keep the family home. This can help protect your family from the obligations of making mortgage payments in the event your salary is no longer available.
3. Keep the Family Business
Certain taxes may apply when passing on the family business to the next generation, which can be a hardship if they are not in a financial position to pay. This is where you can help. Life insurance benefits can help cover these types of costs, easing the tax burden on the future owner of your business and family.
4. Offset the Costs of Daily Living
A daily living rider can be a huge advantage when dealing with a debilitating scenario like chronic illness. If you become unable to perform necessary daily activities, such as dressing or bathing, you may have early access to your policy’s death benefit. The remainder goes to your beneficiary when you pass away.
5. Pay for Elder Care
In some cases you can tap into the cash value of your life insurance policy and use that money to care for an elderly relative. While no one can predict when a family medical emergency will arise, ensuring that you are financially ready will help curb the stress.
Keep in mind that all of these scenarios could have an impact on the death benefit, meaning they all can affect what your family receives. By understanding the options provided by your life insurance policy, you are empowering yourself to take control of your present and future needs.
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