It makes sense to purchase a policy to cover your mortgage should something happen to you. Period. Often, if one spouse passes, the income of the surviving spouse cannot cover the costs for amortgage and daily living expenses, making it very difficult for their loved ones to continue with the same standard of living.
Permanent policies build cash value allowing tax free access to loans on cash value.
Life Insurance policy owners can ease the transition of their passing for their
loved ones by having a policy in effect that covers estate-tax costs.
Life Insurance can be sold to an investor for immediate cash that is usually for
a percentage of the face amount of the policy. Policy holders may consider a life settlement
instead of surrendering the policy to the insurance company. There are several scenarios where this option is explored including:
- Funding medical expenses
- Supplementing Retirement Income
- Paying Down Debt
