Insurance Services
The General Purposes of Life Insurance
When you think of life insurance, you most likely think of providing a lump sum of money generally tax free to your heirs when you pass away. This creates an instant estate and provides resources to pay your final expenses such as medical bills, income taxes and replaces the income you previously contributed to your household.
In addition, you can use life insurance to:
- Fund a business transfer
- Pay off a home mortgage
- Make a charitable gift
- Pay off loans
- Equalize inheritance
- Provides living benefits to those who are critically or chronically ill