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Personal Uses
- Funeral - Life insurance proceeds can ensure that there is
enough money for proper funeral and burial expenses.
- Debt - Personal bills, credit card debt, student loans, and
personal notes can be covered by life insurance in the event of
an individual's death.
- Mortgage Protection - The proceeds of a life insurance policy
can pay off the balance of a mortgage or provide an income stream
to pay monthly mortgage or rent payments.
- Income Replacement - In the event of an individual's death,
life insurance proceeds can provide a supplemental income stream
to ensure that the surviving family members are able to maintain
the same standard of living.
- Education - Life insurance proceeds can ensure that the education
costs of the insured's children are covered.
- Taxes - Federal estate and state inheritance taxes can be pre-funded
using life insurance to preserve the value of an estate.
- Donations/Gifts - An individual can use a life insurance policy
to fund a donation to a charity or leave a gift to a family member.
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