What Life Insurance Can Do for You: The Benefits of Coverage

Shawn Plummer

CEO, The Annuity Expert

When most people think about life insurance, the first thing that comes to mind is death. But the truth is, life insurance is about much more than just death. It’s about protecting your loved ones financially in case something happens to you. In this guide, we will discuss the many benefits of having life insurance coverage. We’ll cover everything from providing financial security for your family to helping with estate planning. So if you’re wondering whether or not life insurance is right for you, keep reading!

What are some uses for life insurance?

One of the primary advantages of a life insurance policy is that it pays out a death benefit to beneficiaries if you pass away. There are several other benefits to the life insurance policy you choose, including coverage for final expenses and increasing your retirement funds. Here are a few things to look for.

Paying For Long-Term Care

There are also accelerated death benefits available, which allow you to accelerate a portion of the death benefit while living if you should be diagnosed with a qualifying illness. These advantages are contingent on your eligibility. The funds can be used to pay medical expenses or anything else you wish.

Money For A Funeral

The national average cost of a funeral may end up being thousands of dollars. The funeral expenses for your family will be one of the largest costs you leave behind when you pass away. You may leave behind end-of-life expenditures such as medical bills, which will be shouldered by your loved ones. Life insurance can assist your family to avoid such financial burdens.

Tax-Free Retirement Income

Life insurance can assist supplement your retirement income by providing policies that include cash value growth potential, whether you got started too late or are worried you won’t have enough retirement money. Policy loans and withdrawals may be used to access cash value, which might be utilized for a tax-free general revenue stream.

Saving For College

Did you know that life insurance might be a terrific way to fund your children’s education? Permanent life insurance allows you to safeguard your family while simultaneously contributing to college savings. With permanent life insurance, you have the option of investing in stock market indices in order to increase cash value and protect yourself from loss when the market is down. You may then utilize the money value that you accumulate over time to assist pay for out-of-state or in-state college tuition fees.

Protecting Your Business

Are you familiar with the importance of life insurance in business planning? Life insurance may be a solution whether you’re an entrepreneur considering how to protect your share of the firm or you’re seeking methods to thank your top performers.

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Shawn Plummer

CEO, The Annuity Expert

I’m a licensed financial professional focusing on annuities and insurance for more than a decade. My former role was training financial advisors, including for a Fortune Global 500 insurance company. I’ve been featured in Time Magazine, Yahoo! Finance, MSN, SmartAsset, Entrepreneur, Bloomberg, The Simple Dollar, U.S. News and World Report, and Women’s Health Magazine.

The Annuity Expert is an online insurance agency servicing consumers across the United States. My goal is to help you take the guesswork out of retirement planning or find the best insurance coverage at the cheapest rates for you. 

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