You can use life insurance to protect your loved ones from having to pay for your final expenses during an emotional time.
If you are concerned about your current savings and retirement income covering all of your expenses throughout this inflationary time, life insurance policies with cash value can be borrowed against – or – there are some life insurance options that pay dividends.
With the rising costs of medical care, there are some life insurance products that can be used as living benefits – meaning, they will pay out a portion of the face value of the life insurance policy while you are still living and used to cover medical bills or other debts.
If you are a grandparent, caring for your grandchildren – a life insurance policy can help ensure your grandchildren will be taken care of, even if their parents are not involved in their lives. This can ensure they have money for a proper education, housing and healthcare.
Many seniors are still supporting adult children as well – if you fall into this category, you may want to leave behind a guaranteed benefit for this children to help get them back on their feet.
If you have a large mortgage or other debt, you may be worried about leaving that debt in your estate to your children. A life insurance policy is a good way to cover the debt when you pass, so the asset can transfer with value, rather than expense.
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