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Because February is the month of love, you may be in the market for a present for your loved one. A life insurance policy is a gift that keeps on giving and would provide financial security for your loved one and their family. We have put together a few reasons as to why life insurance is a great gift.
Benefits for the Living
While Life Insurance is commonly used after a loved one passes, there are also benefits to using it before that happens as well. For example, you can use the amount from your policy to pay for medical expenses or any other circumstance of your choosing. Although, your benefits are subjected to eligibility requirements, so check with your insurer or in the fine print of your policy.
Final Expenses Coverage
One of the more obvious uses of a Life Insurance policy is for the final expenses that come with the passing of a loved one. Funerals, burial or cremation and the things that come along with these can be very expensive, and having a lump sum of money to help cover that can be essential. There is also the possibility of medical bills that may be left behind after death. Don’t leave your family overwhelmed in piles of debt, plan ahead and reserve Life Insurance to cover all of these expenses.
Savings for Retirement
Another way in which Life Insurance doesn’t simply have to be used after death is in the case of a retirement savings. Perhaps you began contributing to your 401K too late in life or maybe had to dip into your retirement for an emergency…Life Insurance is here to help. You can use the money from your policy to fund your retirement.
Paying for Dependent’s College
Your child going off to college can be an emotional rollercoaster. While you are proud of them and happy to see them pursuing their education, you also know you will miss them and have to figure out how you are going to afford this expensive tuition! A Permanent Life Insurance policy can be used to assist in the payments towards your child’s college expenses.
Plan for your Business
Do you own a business or are you an entrepreneur? This is for you! Your Life Insurance policy can help fund various aspects of your business, or perhaps reward/pay the employers that you have working for you.
Not only is life insurance necessary, but it can be used as a very thoughtful gift. It shows that you care about the person, and is useful as well as exciting. At Singh Insurance and Financial Services, we are experts on all policies. Contact our office for all of your life insurance needs here in Florida!