If you’re recently divorced and your children are grown, you may think that cancelling your life insurance policy is an appropriate decision. However, the truth is that life insurance still has many more benefits that can help your loved ones after your death. The extra financial support may make a world of difference to your family. Let’s take a look at a few situations in which life insurance is still a valuable investment after you’ve been divorced.
- A child returns home: Just because your child has left the nest doesn’t mean that he or she won’t even come back. There are many circumstances that may make it financially necessary for your child to return home, whether temporarily or more open-ended. The extra inhabitant(s) doesn’t mean that you have to burn through your savings to pay the higher bills. Many life insurance policies can double as investment plans, allowing you to borrow against the accrued cash value during times of greater need, without paying taxes or penalties.
- Paying off your debts: As they say, dying is expensive. Funerals often cost upwards of $10,000, on top of any outstanding debts that you’ve left behind. Losing you will be hard enough for your family; life insurance can help ease the financial burden of your loss.
- Caring for elderly parents: Depending on your parents’ retirement savings and Social Security benefits, you may need to help pay for their long-term care as they age. Who would continue supporting them if you died? Life insurance is a great way to guarantee their continued care, returning the favor for how they supported you as a child.
- Leaving a legacy: Apart from all of these necessary expenses, many people desire life insurance simply to leave a legacy behind for their family. You can name anyone the beneficiary, whether children, siblings, cousins or even your favorite charity.
Plan for the future today. Call Lancette Agency at (651) 264-1230 for more information on Minneapolis life insurance.