--Life Insurance Can Pay Off Debts

Many families live in a home with a substantial mortgage. Your mortgage typically represents your greatest debt. Your income is probably what provides the money to pay your mortgage payment. Life insurance can be used to pay off that mortgage debt if your income is lost. what is life insurance has some nice tips on this.

 

Millions of families have a large credit card debt. They often cannot pay off their credit cards every month. Those families that seldom pay off their credit cards have an average debt of nearly $8,000. And, many families that declare bankruptcy have tens of thousands of dollars in credit card debt. Life insurance can be used to pay off that credit card debt.

 

--Life Insurance Can Help Pay for the Care and Education of Your Children

If you are a family with "special needs" children, you may be paying for special tutoring or child care. These expenses will continue beyond your untimely death. Life insurance can help provide for your child's special needs. This help could continue for quite some time.

 

A university education often costs $20,000 a year or more. Your savings and investments over the years could help pay that cost. But, if your income stops before those investments can grow to help your children with their education expenses, your children will have less money available to get them through their university education. Life insurance can be used to help provide the educational costs of tuition, books, fees, and living expenses.

 

--Life Insurance Helps Your Spouse

Your spouse may or may not be able to make up for your lost income. Depending on your spouse's age or other circumstances, your spouse may:

- Re-marry and gain another source of income.

- Wait until a pension and/or Social Security provides an additional income stream.

- Increase income from employment or entrepreneurial efforts.