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What is the purpose of your life insurance policy?

On Behalf of | Dec 15, 2018 | Trusts |

If you are considering whether or not to implement a life insurance policy into your estate plan, you are probably busy comparing the pros and cons of your decision. While your investment in a policy would undoubtedly provide a measure of financial security for your loved ones in Massachusetts, there are many other valuable reasons why you may consider buying life insurance. 

According to Allstate Insurance Company, more than just another form of insurance, life insurance can be a strategic way to plan your finances in a way that will allow you and your surviving family members to get optimal use out of your financial assets. Some of the other advantages you may realize by having a life insurance policy include the following:

  • It may provide your surviving family members with the means to pay any estate taxes that you may have left behind, without having to stress about where the money will come from. 
  • If you have beneficiaries such as your spouse or dependent children, your investment into your life insurance policy can provide supplemental income that can be used for day-to-day living expenses or paying off debt.
  • Other costs related to your funeral, fees associated with the administration of your estate and even medical treatment leading up to your death can all be offset with the implementation of your life insurance policy. 

Involving your family in the creation of your policy can help you select a plan that adequately provides for your family’s situation and lifestyle. The information in this article is intended for educational purposes only and should not be taken as legal advice.