How You Can Use Your Life Insurance Benefits

When it comes to mapping out your life financially, life insurance should definitely be part of the plan. This is because the right life insurance policy will help secure a financial future for your family once you pass away. Life insurance won’t just help cover your final expenses, but it can provide a financial safety net for your family by acting as an inheritance or helping to replace your income. Read on to learn some of the ways Lexington, MI residents can use life insurance benefits, and when you’re ready, North Coast Insurance Services can help you find the right policy for you.

Paying Final Expenses

The most popular way for people to use life insurance benefits is to pay final expenses, such as cremation or burial costs, estate settlement expenses, medical bills, and any other obligations that were left unpaid.

Replacing Income and/or Paying Off Debt

When you pass away, you are leaving your family behind without your income. Life insurance benefits can replace that income, allowing your family to still pay the mortgage payment or pay for college tuition. In addition, the benefits can be used to pay outstanding loans and debt.

Inheritance

Some individuals simply purchase a life insurance policy with the sole intention of leaving an inheritance for their loved ones. If this is what you would like to do, make sure that the beneficiary on your insurance policy is the individual you would like to receive the money as an inheritance. This ensures the life insurance benefits go directly to the person who you intended on receiving it.

Charitable Contributions

If you have always been a giver, you may wish to use your life insurance benefits to give to a favorite charity. Like an inheritance, you will want to name the charity as the beneficiary to ensure your charitable goals are met upon your passing.

Life insurance is not something that many Lexington, MI residents want to speak about due to the fact it is such a sensitive topic; however, it is important to secure your family’s financial future. North Coast Insurance Services can help you understand the life insurance options available to you and what may be best suited for the needs of you and your family.

3 main benefits of buying life insurance while young

Around 41 percent of Americans don’t have life insurance. At the same time, 84 percent of Americans agree that people should have life insurance. From this study, it’s easy to point out that the younger people believe they should have life insurance but have not yet got one as they assume they are too young for life insurance. While this is technically true, you can save money and get several other benefits when you buy insurance early. Here are the big three.

You get more money

The younger you are when you buy life insurance, the more time you have to get the most out of your life insurance. Term life insurance in Lexington, MI is generally cheaper than whole life insurance can generate a good amount depending on the agreed duration. However, before settling down on a specific policy, it’s essential to speak to our insurance experts at North Coast Insurance Services to help you pick your type of policy based on your needs.

Young and healthy means good rates

When you buy life insurance at a young age, your premium rates remain the same for that duration of your policy unless you decide to change the coverage limits. You can lock in lower premiums and substantially reduce the amount you would spend on life insurance. Apart from age, health is also a critical determinant of how much you pay for your life insurance. When you are young, energetic, and healthy, you are likely to have a clean health record than older people who may have already started dealing with senior-age illnesses.

Get the peace of mind that your loved ones are protected.

Life insurance provides you with the assurance that your loved ones will be financially stable if you died. If you are in a relationship, you may want to secure the future of your to-be children. They can use the money to pay off a mortgage you took, college fees, or finance your burial expenses.

Looking to buy life insurance in Lexington, MI, soon? Call North Coast Insurance Services, and get a policy that matches your needs.