Top 5 Ways Life Insurance Can Be Used
There are numerous ways in which you can use life insurance. A matter like leaving insurance benefits to your family if something happens to you early on is definitely a top consideration for people when they get life insurance. However, there are some situations you might not have thought about. An agent from Purely Insurance Solutions Aliso Viejo, CA, and beyond can help you.
Wealth Transfer
It’s ideal for putting together your assets to leave behind for future generations. You also may want to establish a legacy through charitable means. You can ensure that your estates will be divided equally among your children this way, including a family business and investments. A cash amount can be granted to those who don’t wish to own the business in part or whole.
Widow/Widower Support
Life insurance benefits can help you ensure that a surviving spouse can afford specific expenses after the other spouse passes away. This can include your mortgage, funeral costs, or various types of debt.
Chronic Illness
You can use life insurance to cover the expenses involved in caring for your spouse or yourself upon becoming chronically ill. Alzheimer’s is an example of such an illness, though any that causes a serious impairment in two out of six daily living activities would qualify.
Charitable Giving
You can set it up so that your life insurance policy goes to a certain charity when you retire. The very existence of your policy allows you to donate real estate property or other property, as well as investments, to a charitable organization of your choice while being able to leave behind something to your heirs.
Bottom Line Benefit
One of the best things about life insurance is that it (normally) is tax-free. You can leave the property and other assets to your children or other heirs without them losing a chunk of the value. You can rest assured your family will have a financially sound future.
Find out more about life insurance policies and benefits through Purely Insurance Solutions of the Colleyville, TX, and Aliso Viejo, CA area.
