Most Common Uses For Whole Life Insurance

Whole life insurance is a guaranteed life insurance policy.  It remains in force during your whole lifetime and upon your death, payout is guaranteed to your beneficiaries.  This is, of course, subject if your required premiums are paid.  

One of the main advantages of whole life insurance is that it lasts a lifetime.  There is no set term or number of years that it can only take effect in.  This ensures that your loved ones can be taken care of when you leave them.  

There are many reasons why one would purchase life insurance.  Caring for the people you will be leaving behind is the main motive.  Here are different ways how your life insurance payout can help your beneficiaries.

• To ensure your family can be self supporting

If you are the family's main source of income, the payout they receive is a way to ensure they can support themselves.  It will give them a buffer until a new family member can replace you as the main breadwinner.

• To pay for debts or mortgages left

Your unexpected passing may leave your family responsible for any loans or mortgages left.  The payout received from your life insurance can help pay for them.

• To pay for your children's schooling expenses

You children may still be studying when you pass on.  Tuition fees, school fees, and other expenses can be covered by the money from your life insurance payout.

• To provide capital for a venture they may enter

The money they receive can be used for many endeavors.  If they are planning a new business, or moving to a new city, this can help fund their activities.

• To pay for your final expenses

There are many expenses associated when you die.  Funeral expenses are just the beginning, there are also inheritance tax, administration costs, and other related costs as well.

• To fund charitable initiatives

For some, they spend their life caring for a certain cause. Your death does not have to end that initiative.  You can use the payout to fund the continuation of your charity work.

Knowing that you loved ones will be in a good place even after you're gone is very comforting.  Being able to care for them even from beyond this world is one of the greatest gifts you can leave them with.

At Jonathan Leonard Insurance, we work hard in making sure that our clients are well-protected with policies that they can afford. To learn more about how we can help you, please contact our agency at (302) 887-9025 or Click Here to request a free ​quote.