Life insurance may seem like something that you do not need to think about for a while, but it is a good idea to have a policy in place in case the unthinkable happens. Depending on what kind of Virginia life insurance policy you choose, there are four possible benefits.
1. Replace Your Income
Secure your family’s future by choosing a policy that will contribute to the household income in the event of your death. This allows you to provide for them beyond your life.
2. Pay Off Debts or Major Expenses
A policy with a cash value attached can go even further than replacing your paycheck. It can be used to pay off major expenses, such as the following:
- Car loan
- Children’s college education
3. Pay Estate Tax
It is nice to be able to leave an inheritance to your heirs. Protect them from state and federal estate taxes by choosing a policy that will cover those expenses.
4. Supplement Inheritance or Benefit the Charity of Your Choice
A Virginia life insurance policy with a cash payout can supplement your heirs’ inheritance. It can even provide one last chance at philanthropy, allowing you to support your favorite charity.
While the main purpose of life insurance should focus on protection, permanent policies can offer more options. Keep these benefits in mind when choosing the policy that is right for your family.