Life insurance is often thought of as something that only benefits married couples with children, but it can also benefit child-free couples. It can provide financial security in case of death or disability and also offer tax benefits. In this article, we at TruePoint Insurance will look at some of the unexpected benefits of life insurance for Savannah, GA couples who don’t have kids.
How Life Insurance Can Cover Final Expenses
Life insurance can be a critical source of funds for those who do not have children to help cover the costs associated with their final expenses. Life insurance proceeds are not subject to probate and can be paid to your designated beneficiary when you pass away. This money can be used to pay for funeral and burial expenses, medical bills, and other outstanding debts.
How Life Insurance Can Help Pay Off Debt
With a life insurance policy, the insured individual can designate beneficiaries who will receive the policy’s death benefit when they die. Beneficiaries do not necessarily have to be children of the insured. This death benefit can be used to pay off any remaining debt, such as credit card debt or student loans.
How Life Insurance Can Enhance Retirement Plans
Life insurance policies can be used as collateral to secure loans, which can be used to fund investments that will help with retirement planning. Ultimately, life insurance can provide financial security for those without children and can be a powerful tool in retirement planning.
TruePoint Insurance of Savannah, GA is dedicated to providing quality life insurance to us. We are committed to providing you with the most comprehensive coverage to help protect the ones you love. Our team is here to answer any questions and provide you with the support you need.