The Key Benefits of Life Insurance
Life Insurance Coverages in Houston
A key reason to purchase life insurance is to provide immediate cash to help the survivors pay their monthly bills. This may include payment of the decedent’s final expenses such as funeral costs and any unpaid medical bills, as well as paying down the mortgage on the family home for the policy holder’s survivors.
Other advantages of life insurance proceeds can include the funding of future education expenses for the insured’s children or grandchildren. With the high – and rising – cost of college tuition, life insurance can help a policyholder to keep his or her promise to loved ones for obtaining a college degree.
Those who may be hit with estate taxes upon death may also consider purchasing a life insurance policy for the purpose of paying the amount due. Sadly, it is all too often that, an individual’s loved ones are left to come up with needed estate tax funds by selling assets for below market value.
Yet another advantage of life insurance is that the proceeds can be used to equal out an inheritance. For example, if you have two children and your goal is to leave your home to one child, it would make sense to purchase life insurance in the amount of the home’s value and name your other child as the beneficiary of the policy. This way, each of your children will receive an inheritance of relatively equal value.
Source: insurancescored
Life Insurance Coverages in Houston.
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