Some suggested uses:
- to cover funeral costs at any age (the older you get the more it costs)
- to cover routine expenses while surviving heirs adjust
- to pay unpaid bills
- to pay estate taxes
- to replace income when retirement pensions stop or drop with the pensioner’s death
- to leave some money for heirs
- to bequeath money to a charity
- to even up an estate – if one child gets a property then others can be given insurance proceeds
- to save money compared to buying several term plans
Some advantages of cash value:
- to have a go to place for money when all else fails
- to have access to cash to start a business (Walt Disney started his way)
- to grow assets tax deferred, and at death tax free.
- to pass assets to future generation(s) with cascading insurance
- to avoid creditors, legally.
Some advantages of whole life insurance:
- Cheaper than term insurance – in the long run. We sell insurance to many seniors who thought they wouldn’t need insurance later in life. Get a base plan and add term insurance to it for temporary needs, like debts and children who will be on their own later.
- Once you own it the company van never cancel it.
- Even if your health changes later you still own your insurance.
Get your personalized free quote – Click here