Life Insurance

• Final expenses : Your beneficiaries can use insurance benefits to help cover final expenses.
• Paying off debts : The insurance benefits can be used to pay off mortgage and other debts.
• Income replacement : Life insurance benefits can help replace your income that helps your loved ones to continue to enjoy the same standard of living and for securing college education for your children.
• Retirement Income : Your loved ones can use the benefits as a source of income during retirement.
• Tax Free Benefit : Life insurance provides tax free death benefit to your beneficiaries.
• Paying estate taxes : Life Insurance benefits can be used to pay off estate taxes either fully or partially.
• Charitable Goals: The insurance benefits can be used to meet your charitable goals, if you have any.
• Cash Value : Cash value in life insurance is considered as an asset class and a living benefit.

If you wish ,You can use cash value for your retirement plan or any other purpose either by surrendering or withdrawal or borrow against it. There are two main types of life insurance plans. Term life insurance plans and Whole life insurance plans.