If you’re considering getting a life insurance policy, you may wonder what to do with it. If that sounds familiar, keep reading to see what can be covered with this policy. You can do a lot of things with this policy and your beneficiaries.
Final Expenses
The most common use for any life insurance policy is to cover the costs of final funeral expenses. These can add up quickly and can be a burden on your family that’s already mourning. Make sure you leave enough to cover any services you want.
Outstanding Debt
If you have any property that you want to leave behind for your loved ones, make sure there’s enough money in the policy to cover what you owe. When you draft the policy with an agent, consider your current balance and leave enough so your loved ones can pay off anything you owe and access this property as you intended.
Medical Expenses
In your final days, you may accrue unexpected medical expenses. You don’t want those to burden your loved ones and cause a lien on property you may own. Make sure you leave some financial cushion to cover any potential hospital stays, ambulance rides, or other last-minute expenses that may arise.
Inheritance
If you have loved ones who currently depend on you financially, you can use this policy to leave behind a large sum of money to cover expenses. Consider your current income and the number of years you intend to take care of these dependents. Make sure you leave enough to cover a minimum of those expenses. Anything left over can be considered a financial gift or inheritance for them to use in other ways.
If you’re considering getting a life insurance policy, our THINK Insurance & Financial Services agents are here to assist you. We look forward to serving residents of Pomona, CA, and surrounding communities.
Recent Comments