Some of the most common uses of life insurance include:
- Final expenses. A funeral and burial is expensive. Along with the emotional loss, why leave this expense with your family?
- Replace the loss of income earmarked for ongoing expenses such as mortgage, groceries, daycare, domestic help, raising and educating children and future savings.
- Pay off your debts – leave the house mortgage free and make sure credit card and other debt is not left with your spouse.
- Useful for business to help offset the costs of replacing a “key person” or to purchase the shares of a business partner who recently passed away.
- Looking after probate fees and other taxes.
- Leave a lump sum cash donation to your favourite charity.