Replace income for surviving family
Personal Life Insurance
Life insurance provides a tax-free lump, sum benefit on the death of the insured. Proceeds can be used to pay off a mortgage or other debt, replace income for surviving family, and pay final expenses.
Life Insurance Points to Consider
Life insurance works by providing your beneficiaries with a tax-free benefit upon your death. This money at the time of need can help them:
- Pay off loans and debts
- Maintain their lifestyle and pay day-to-day expenses
- Pay for your children’s education
- Cover expenses like funeral costs
Will you be able to protect your family and other people who may depend on you for financial support after you have passed on? The people that are dependent on your financial support will lose not just you but your income. Life insurance can help cover some or all of that loss depending on the policy you choose.
If you are the primary earner in your family, you will want to take steps to make sure your family’s lifestyle is protected should you pass away unexpectedly. Keep in mind that if your income has increased, you may also want to increase your protection accordingly.
Get the right Life Insurance coverage today by contacting Peele Lighthouse Life & Financial.