At this point, we all know the importance of a life insurance plan in one’s life. One of the most important aspects of it is that it gives our loved ones financial stability and security in case of our untimely demise. However, most people don’t realize that a life insurance policy can do much more than just pay out a death benefit.
Life insurance is so much more than just that plan you paid for your entire life to keep your family with some income in case of your death. It covers so much more than just general expenses, in other words, it will help your family’s life quality improvement in more aspects than you ever thought of.
Most life insurance plans have additional features and benefits that can be used to cover a variety of expenses, making it a very versatile tool. This will be such a relief for your loved ones in so many ways, so trust us, you don’t want to stop reading here, keep on learning about some benefits your plans may include!
Here are 5 things your life insurance plan will most likely pay for:
1. Funeral and burial expenses:
No one wants to think about their death, but it’s important to be prepared for the worst. funeral and burial costs can be very expensive, and a life insurance policy can help ease the burden on your loved ones.
2. Education Expenses
If you have young children, your life insurance policy can be used to help pay for their education. This is a great way to ensure that your children have the opportunity to go to college, even if you’re not around to help them financially.
An average tuition cost of a four-year college is around $18,000USD, yes, that’s a whole lot of money. But yes, your life insurance plan can help with that too!
3. Debt Repayment
If you have any outstanding debts, such as a mortgage or car loan, your life insurance policy can be used to pay off those debts. This can be a huge relief for your loved ones, as they won’t have to worry about making those payments after you’re gone.
4. Home Maintenance and Upkeep
Your life insurance policy can also be used to help pay for home maintenance and upkeep. This includes things like painting, repairs, landscaping, and more. This can be a great way to ensure that your loved ones have a comfortable place to live, even after you’re gone.
Besides this, you’ll also have the income to cover utilities, health care, miscellaneous cash, and so much more! In other words, a life insurance plan is the support you didn’t know you needed but now you do!
5. Renting and Owning
When it comes to property, a life insurance policy can help with both renting and owning. If you’re renting, your policy can be used to help pay your rent. And if you own a home, your policy can be used to help pay your mortgage.
Now, you might be thinking, why is this such a great help?
Did you know that the average yearly cost of housing renting and owning is around $16,000USD? If you didn’t, now you do! And we think that some help with this payment is never taken for granted.
These are just a few benefits of a life insurance policy that you probably never knew of, but now that you know, we hope this gives you some peace of mind. If you don’t have a life insurance policy, we highly recommend that you get one. And if you do have a policy, make sure to review it to see what all it covers. You might be surprised at all the ways it can help you and your loved ones.
Contact Blue Ocean and get personalized help in searching for the perfect Life Insurance plan for you, and as soon as you find the perfect match, we also help throughout the entire enrollment process!
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