How can life insurance help my family?
Life insurance gives you peace of mind while you’re alive, and financial support for your loved ones when you’re gone. It’s something you should have if there are people in your life depending on you financially. And purchasing a policy sooner, rather than later, will give you more options and flexibility, and improve your future financial security.
The death benefit from a life insurance policy can provide financial security, but what should it be used for?
Common uses for life insurance include:
- Income replacement – continue to pay the mortgage, outstanding bills and debt, and maintain your family’s lifestyle
- Children’s education – help ensure your children don’t have to struggle to afford college
- Final expenses – ensures your family can pay medical bills and funeral expenses
- Wealth transfer – a tax-efficient way to transfer financial assets to your heirs
- Leaving a legacy – a financial gift to a spouse, children, grandchildren, or a gift to an organization, charity, or cause