Benefits of Term Life Insurance
There are many benefits of term life insurance. One of the main benefits is to provide financial security for your loved ones after your death.
Some life insurance policies allow you to receive proceeds from your policy before you die. And, some policies allow you to name persons other than family-members as your beneficiary of your term life insurance policy.
You have many options on how you can choose to use your term life insurance proceeds.
Guide to the Benefits of Term Life Insurance
- Identifies who you may want to leave your life insurance proceeds to.
- Explains how your life insurance policy can work for you.
Compare Term Life Insurance Quotes
Term life insurance premiums can vary by up to 50% or more. Visit Wholesale Insurance, where you fill out a quote form one time, choose a plan, and give your info for a personalized quote. You get the best quotes from top-rated insurers. Get Your Free Quote.
How Life Insurance Can Benefit Your Family
Life insurance policies can provide your family and loved ones with financial security after a parent, spouse or income-earner passes away. Two of the major ways life insurance provides protection for your family is by providing for two of your biggest expenses:
- Home mortgage
- Education and college tuition and expenses
Providing for your family’s mortgage and your child’s education may be the largest expenses you have as a family. It’s important to consider these expenses when deciding on the right amount of life insurance protection.
If you currently have these financial commitments, it would be wise to own a life insurance policy. Get a free quote for term life insurance.
Using Your Life Insurance Policy to Settle Your Estate
You have the option of designating your life insurance death benefit proceeds to pay for your estate settlement. There may be estate taxes owed when settling your estate. Instead of your family selling their home to pay for estate taxes owed, you may want to use your life insurance policy to pay estate taxes.
You also have the choice of making a charitable organization the beneficiary of your life insurance policy. If you pass away, the proceeds of your life insurance policy would be paid to the charitable organization.
Business as Beneficiary
If you own a business, you could choose to name the business as the beneficiary of your life insurance proceeds. The business could use the money from your policy to pay off loans, debts, or it could be invested by the business.
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Haven Life uses the information provided in your application to make an instant decision on your application. Healthy, qualified applicants (based on the information provided in your life insurance application) can be insured immediately with no medical exam while other applicants can receive immediate coverage pending a medical exam.
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