Benefit 6. Legacy Planning
Whether you are looking for a way to maintain your business after death, or to ensure your loved ones receive the care and assistance they need when you are gone, life insurance can play a big part in planning your legacy.
As a tax-free source of money, you can use your life insurance value to pay for charitable contributions — allowing you to have a long-term impact on an important cause. Or, use it to pay off taxes, debts, and other expenses that might make the future difficult for your family members. Although many people think about providing an income for their heirs, or paying funeral expenses, as the fundamental purpose for a life insurance policy; they may forget about using that cash to fund new opportunities for their loved ones.
Legacy planning with life insurance may mean that if anything happens to you, your children can still go to college without the burden of debt. Death benefits can pay for tuition, giving you peace of mind of knowing that you can still help loved ones accomplish their dreams.