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Life Insurance can be used to:
- Make provisions to take care of your family after you are dead, guaranteeing that your family will continue to receive income.
- Give your survivors choices about their future - if you own a home, your life insurance might pay off the mortgage so your family can stay in the house rather than being forced to sell it.
- Provide an income to let your family maintain its standard of living and cover everyday expenses such as groceries, bills, rent, the mortgage, etc.
- Set at least enough money to take care of your final expenses so your loved ones won't have to worry about these costs.
Life insurance can also be used to:*
- Supplement your retirement.
- Help cover the expenses of raising your children.
- Help pay for your children's education.
- Preserve your estate.
- Safeguard your home mortgage.
*Cash value can be accessed via policy leans. Loans against your policy accrue interest and decrease the death benefit and cash value by the amount of the outstanding loan and interest.
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