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Uses for Life Insurance You Might Not Think Of
Although life insurance is used primarily to protect your family from financial burden upon a premature death, it can be used to achieve other financial goals.
Life insurance can help provide retirement income or supplement your retirement savings. It can also provide tax relief or even monies toward charitable donations.
- Group term life insurance can help provide financial assistance outside of your 401(k), pension, or other retirement savings should you pass away prematurely.
- An individually owned life insurance policy can cover you should you lose your job unexpectedly.
- Certain type of policies can help you diversify your retirement savings to supplement your income upon retirement.
- Death benefits could help provide your family the funding they need to pay income taxes on retirement benefits.
- Some permanent life policies offer a feature that allows you to take an advance against your death benefits should you suffer from chronic illness.
- It could offset the social security loss from a spouse’s death.
- It could even provide a significant charitable gift at death.
Talk to us today about all of the life insurance policy options to decide what’s best for you and the ones you love.
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