Can a Life Insurance Retirement Plan Help Boost Your Finances?

Answering 7 crucial questions you should be asking…

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If you’ve ever thought of life insurance, it was probably colored by the instinctive unease of thinking about your mortality — the fact that one day you’ll no longer be around.

After all, that’s the main reason to buy life insurance — making sure that your passing, as traumatic an emotional loss as it’s likely to be for your loved ones, won’t also be a financial catastrophe.

Life insurance can help cover many financial responsibilities:

• Replacing income: With you gone, a significant part of your family’s income will likely also go away.
• Paying off debts: Paying a mortgage, student loans, auto loans, credit card balances, etc., likely makes up a large part of your family’s budget. Paying these off reduces ongoing income needs.
• Succession planning for a business: If you’re a key person in a business, life insurance can provide capital to mitigate problems caused by your passing.
• Compensating heirs: If your estate comprises assets difficult to split, especially if your heirs don’t get along, life insurance can compensate those who don’t get a fair share of such assets.