Taking Advantage Of Life Insurance Benefits

Taking Advantage Of Life Insurance Benefits

Life Insurance 101

In order to provide your family with financial confidence, you must take advantage of all the benefits a life insurance policy provides. This financial strategy ensures that your loved ones can grieve without thinking about finances. Gathered are just a few of the possible uses of your life insurance benefits:

  • Your life insurance policy can be used to pay for all final costs, including funeral or cremation costs, estate administration fees, unpaid obligations, and any medical bills left over after health insurance coverage expires. Unpaid mortgage balances can also be included in these final costs.
  • Life insurance also offers the ability for your loved ones to pay off remaining debt or replace income. This ensures that your loved ones are able grieve without having to worry about paying off your debt. Also, they will be able to sustain financial confidence knowing that your policy will act as income replacement for the time being.
  • Rather than leaving your loved ones’ inheritance in a will, you can take advantage of life insurance benefits. Life insurance provides you with the ability to secure an inheritance that will be distributed to your heirs based on your requests.
  • When your heirs receive their inheritance, they will likely be faced with estate taxes. To offset this cost and ensure that they do not have to spend their inheritance on these taxes, you can pay your federal and state estate taxes with your life insurance policy.
  • If your loved ones are financial stable and do not depend on you financially, you can use your life insurance policy for charitable contributions. This allows you to fulfill your philanthropic goals beyond your lifetime.

Contact ISU Insurance Services – CorMarc Tasman in Murrieta for all of your California life insurance needs. We will guide you through the process of selecting the most optimized life insurance policy and help you determine the most appropriate way to distribute your life insurance benefits.