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Don't Risk Your Family's Well Being

Some of the personal uses of life insurance are:

Burial Expenses—Life insurance will pay for funeral expenses and benefits can be assigned directly to the funeral home.
Mortgage and Debt Protection—Life insurance can pay off a mortgage, credit cards, a student loan and other personal debt.
Education—The cash value in a life insurance policy can provide funds for a college education.
Charitable Giving—Life insurance can fund a donation to, or an annuity for a charity, church, foundation or nonprofit organization.
Estate Creation—Buying a whole life insurance policy gives the insured an instant estate and makes him worth a lot more money.
Estate Taxes—Life insurance can be used to pay estate taxes when taxes are due.
Inheritance Equalization—If the son inherits the family’s $2 million mansion, what does the daughter get of equal value? How about a $2 million death benefit from a life insurance policy? This gives both children an equal inheritance.
Survivor Income—Life insurance can provide a lifetime income to a widow or widower when the spouse dies. It’s instant security.
Children’s insurance—Life insurance on a child not only guarantees a death benefit; it also ensures that the child will be guaranteed insurable for future life insurance coverage

How Can Your Business Use Life Insurance?

Buy/sell Agreements—Life insurance can fund an agreement between two or more partners in a business that stipulates that when one of the partners dies, the death benefit goes to purchasing the deceased partner’s interest in the business.
Credit Line Coverage—Life insurance can help secure a line of credit for a business by being a solid business asset that can be used as collateral for a loan.
Key-Person coverage—Life insurance will protect a business from monetary losses caused by the death of a key executive or employee.
Employee Benefit—Group life insurance is a valuable benefit a business can use to attract quality employees.
Debt Coverage—A sole proprietor of a business can use life insurance to cover his debts when he dies.

Source: LIMRA 2005