For many people, getting a life insurance policy is the best decision they’ll ever make. If you were to unexpectedly pass on, you can have peace of mind knowing your loved ones will be taken care of. A life insurance policy from Anchor Insurance Agency LLP in Plymouth, MN can provide your family with the financial support they need to carry on. What can life benefits be used for upon your demise?
Pay Off Debts
If you’ve left outstanding debts upon passing, life benefits can help pay these off so your family isn’t left with the burden. Life benefits can be used to help pay off a mortgage, credit cards, car or furniture loans, business loans or private student loans.
Financial Support for Everyday Living
Life benefits can supplement your lost income to provide daily financial support for your family. Your spouse can use these benefits to pay rent, buy food and clothing, pay for school needs, cover childcare and health expenses and more.
Pay Your Funeral Expenses
Funerals can be extremely expensive. If you didn’t make arrangements in advance for your funeral, life benefits can help cover this cost.
Help Aging Parents
Life benefits can subsidize your aging parents’ pension in their golden years to help them through retirement. If you’re helping your parents now, life benefits can continue to provide that financial support.
Support College Fund
Benefits from your life insurance policy can help put your kids or your younger siblings through college. Benefits can be put in a trust specifically for this purpose. Life benefits can help offset the high cost of college, giving your children the opportunity to get the education they need to establish a prosperous career.
For more information on getting the life insurance policy you need, contact Anchor Insurance Agency LLP in Plymouth, MN.