How Can Beneficiaries Use Life Insurance Benefits?

Whether you’re supporting a wife and children or helping aging parents through retirement, a life insurance policy from Five Star Insurance Agency in Fords, NJ can help those you love upon your unexpected demise. Here are a few ways your beneficiaries can use life benefits to carry on after you’re gone.

Pay Outstanding Debts

If you’ve taken out a mortgage, car loan or private student loan with a loved one, he or she will be responsible for repaying that loan after you’re gone. Life insurance benefits can help cover these loans so your loved one can start with a clean slate for the future.

Cover Daily Expenses

Life benefits can help pay for daily expenses that your paycheck used to help cover for your family. This includes rent/mortgage payments, food, clothing, school needs for the children, doctor visits, utility bills, etc., to help your loved ones carry on.

Pay for College

If you have children, life benefits can be put into a trust to help pay for their college expenses after you’re gone. A college degree can help your children kickstart a successful career to enhance their future.

Supplement Aging Parents Retirement

Life benefits can help supplement your aging parents’ retirement. If you’ve been providing financial support to your parents while you were alive, you can have peace of mind that they will continue to be taken care of after your demise.

Pay Your Funeral Costs

If you’ve not made prior arrangements for your funeral expenses, life benefits can help cover these costs so your spouse or remaining relatives don’t have to assume this financial burden.

These are just a few of the many ways a life insurance policy can benefit those you love. To learn more about life insurance options and costs, contact us at Five Star Insurance Agency in Fords, NJ.