Life insurance can help provide for the people who depend on you financially, if you can’t be there for them. The money can be used for final expenses, help to replace your lost income, cover debts, pay your mortgage, fund a child’s education, and more.
By preparing in advance, you’ll have the peace of mind that comes from knowing you’re protecting your family’s financial future. And since Life insurance benefits are generally not taxable at the federal level, your loved ones can use the benefits to help take care of their living expenses in a variety of ways.
Whole life is a type of life insurance contract that provides insurance coverage of the contract holder for his or her entire life. Upon the inevitable death of the contract holder, the insurance payout is made to the contract’s beneficiaries. These policies also include a savings component, which accumulates a cash value. This cash value is one of the key elements of whole life insurance.