Personal Uses

Provide financial security to dependent family members

 

Life insurance can be used to provide for the income needs of a spouse, children and other financial dependent such as an aging parent or grandparent.  The life insurance needed to fund the monthly income needs of dependent family members would depend on your life insurance plan to preserve capital or deplete it over a number of years, until dependents become self-supporting.   

 

Pay off mortgage on the family home

 

The desire to eliminate a home loan can be accomplished through cash made available from life insurance. The need to assure nearly instant access to cash is possible because life insurance proceeds are usually paid to beneficiaries within days of a claim. A life insurance plan can create a fund that would enable surviving family members to liquid the home mortgage in the event of an unexpected tragedy.      

 

Gifts to children, grandchildren or others

 

Life insurance can provide large amounts of cash at death for your children or grandchildren’s college expenses. The capital provided from life insurance can also be used to fund other activities such as sports development of a child and technical education in other educational facilities.

Life insurance can also be used to make gifts of cash to your favorite charities.

 

Final Expenses

 

Life insurance can provide funds for final expenses, including funeral costs, medical bills, travel and other expenses for our loved ones who have passed away.

 

Pay federal estate taxes and state inheritance taxes. Provide cash for accounting, legal fees for administration of your estate.