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It’s likely you’ve heard all about the ways that life insurance helps out your family in the event of your untimely death, but have you given any thought to how life insurance can help you? Here are seven benefits of life insurance that you may not have considered before

Life insurance has been around for centuries, and yet there are still people who don’t have any and even more who aren’t sure whether or not it’s right for them. It’s true that it can be expensive, but here are 7 benefits of life insurance you may not have considered that can help you make the decision to buy life insurance a little easier if you haven’t already done so.

 

1) Covers outstanding debts

Life insurance is a great way to provide for your loved ones when you are no longer around. One often overlooked benefit of life insurance is that it can pay off any debts you have. For example, if you had taken out a loan to help someone else and they passed away, life insurance would cover the remaining balance on that loan. This provides peace-of-mind in knowing that your loved ones will not be left with this burden after your passing.

 

2) Provides income protection

It provides a way to provide for your family in the event that something happens to you, such as death or disability. It also provides income protection for your spouse and/or children if you are unable to work due to illness or injury. Plus, it will ensure that any long-term care needs are taken care of. One study found that 43% of people with life insurance were able to pay off their home mortgage when they died.

No out-of-pocket costs: When purchasing life insurance, there are no out-of-pocket costs unless you take out a policy loan. But remember, like all loans, this will be repaid with interest over time so you may want to consider how much money your loved ones would need at first if the time comes where they do need money from the policy.

 

3) Assists children with college fees

One thing that people often forget about when it comes to life insurance is the fact that it can also be used to assist your family with future needs. For example, if you are the sole provider in your household, then life insurance could help provide for your children's college education. If a parent passes away, the other parent may not be able to afford sending their child to college. In this case, the life insurance proceeds would go towards funding their child's education.

 

4) Covered by Medicare in some countries

Life insurance is a great way to provide financial protection to your loved ones in the event of your death. It can help pay off debts, replace lost income and provide funds for funeral expenses. If you want to invest in life insurance, it's important to know that there are several different types available: term life insurance, whole life insurance and universal life insurance. Term life insurance is the most common type and offers coverage for a fixed period of time; policies typically range from 10 years up to 30 years or more. Whole life insurance is a traditional form of permanent coverage that accumulates cash value over time as premiums are paid.

 

5) Guarantees funeral expenses

Funeral expenses can be very expensive. The average cost of a funeral is $8,000 and can quickly reach upwards of $20,000. If the deceased is survived by a spouse and children, the costs are compounded. A life insurance policy will make sure that the bills will be paid after you're gone so your family doesn't have to stress about paying for a funeral or debts when they should be grieving. Gives your loved ones peace of mind: When it's time for someone to die, it's hard on everyone. For some families, it's hard because they worry about what happens with their loved one's assets like car payments or mortgage payments. Some people feel guilty for not taking care of their parent in their lifetime but couldn't afford it.

 

6) Gives you peace of mind

Life insurance is a valuable and often overlooked tool that can provide you with peace of mind. It will protect your family, help them with the costs associated to raising your children, and offer financial assistance if they need to pay for your funeral expenses. But life insurance doesn't just benefit those who are still alive. If something were to happen to you, it can also help give your loved ones a sense of closure. They won't have to worry about how things would work out financially without you being around.

This type of coverage offers a variety of benefits for different people. For example, some might want life insurance in order to secure funding for their child's education, while others may be interested in coverage that pays out a lump sum amount upon death (typically called whole-life or universal). In any case, it's always important to take into consideration what kind of protection best suits your needs before signing on the dotted line.

 

7) Donates to charity if no next of kin

Life insurance is something that most people don't like to talk about, but it's something that everyone should consider. There are many reasons to have life insurance, and a lot more benefits than the ones you may be aware of. These are the seven benefits of life insurance you may not have considered:

-If you die with no next of kin, life insurance will help your loved ones pay for funeral costs and other debts, such as your mortgage or car loan. -You can use life insurance coverage as collateral for a loan, either through borrowing on the policy or by selling it outright. -Life insurance provides an ongoing source of income while you're alive--either through monthly payments or a lump sum payment.

 

One of the most important financial decisions you’ll ever make is whether or not you’ll purchase life insurance. A life insurance policy will help protect your family financially in the event of your untimely death, but there are other benefits to think about as well. These benefits of life insurance you may not have considered include tax advantages and peace of mind, as well as the confidence that comes from knowing that your family will be taken care of no matter what happens to you.