Life Insurance for Every Stage In Life

What are the benefits of have life insurance when the kids have now moved out?

With a permanent life insurance policy there is a savings element of Cash Value Accumulation that can serve as an emergency fund. Life insurance will provide the means to eliminate final debt and provide the funds to take care of any final expenses. It can provide Lifestyle Protection for the surviving spouse in the event of a death. It also allows Gifts and Special Bequests to preferred non-profit organizations, charities, hospitals, churches, or other group.

• Cash Value Accumulation
  This is a living benefit that permanent life insurance plans have; a savings element. A person can 'buy term and invest the rest', but people do not usually follow that advice.

• Long-Term Care Insurance
  Is long-term care protection part of your planning? Going into a care situation can be financially draining. Long-term care insurance can be part of a wise risk management strategy.

• Final Expense Plan
  Small permanent life insurance plans can be used to fund final expenses. These may range from $10,000 to $15,000.

• Debt Elimination
  A person may have many different debts that need to be covered in the event of death, such as student loans, home mortgages, auto loans, business loans, etc.

• Mortgage Acceleration
  In the event of death or disability it may be advantageous to pay off a mortgage with life insurance proceeds, i.e. mortgage protection.

• Income Needs
  If a wage earner becomes disabled, who will pay the bills? Disability Income benefits could.
  If a wage earner dies, who will pay the bills? Life insurance benefits could.

• Lifestyle Protection
  If a spouse passes away, their paycheck will not be there anymore, often leaving the surviving spouse to figure out a way to survive financially. Life insurance benefits could help the family maintain a comfortable lifestyle.

• Future Funding for Emergency
  The cash value in a permanent life insurance plan can serve as an emergency fund.

• Replace Group Insurance
  Many employer group insurance plans are convertible to permanent coverage, which is good. However, some plans have reduced coverage as of a specific age, or coverage may end all together. Be sure to plan ahead and put coverage in place prior to these ages if the group coverage will reduce or end.

Benefits are only generally described here. Products may vary by state. Some products are not available in every state. Please read the policy for exact details on benefits and exclusions. If there is a discrepancy between the product as it is generally described here and the policy or rider issued to you, the provisions of the policy or rider will prevail.