What does life insurance cover?
Life insurance can help your loved ones cover expenses they currently (or will someday) face if your earnings were no longer in the picture.
Some of the most common immediate and everyday expenses people use life insurance for include:
- Funeral and burial costs
- Estate settlement costs
- Outstanding bills for healthcare
- Health insurance
- Mortgage or rent
- Household upkeep expenses
- Credit card debt
- Car loans
- Property taxes
- Outstanding tax bills
- Childcare expenses
- Private school tuition
- Costs to continue a family business
- Charitable giving to houses of worship or other nonprofits
In addition to letting your loved ones maintain their standard of living now, life insurance also helps ensure their future. Some of the most common non-immediate expenses life insurance covers include:
- Future college costs
- A spouse or partner’s retirement
- Planned inheritances
- Special charitable giving projects like a memorial fund
As you can see, there are so many ways that life insurance lets your loved ones remain on firm financial ground if you pass away unexpectedly. Thousands of people have benefitted from the financial lifeline that life insurance offers. Here is just one person’s story of how life insurance helped her weather a difficult time.
It only takes 30 to 60 days to receive a life insurance payout—and unlike most other savings vehicles, life insurance proceeds are almost always tax free. What’s more, getting life insurance is easier and more affordable than most people think. One of the best ways is to work with a licensed insurance agent who can walk you through the entire process. If you don’t have an agent or advisor to work with, check out our agent locator. You can also work directly with an insurance company. Here are company partners that support our non-profit mission and can assist you in getting coverage directly or through one of their agents or advisors. The key is to start today.