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Key Features of Life Insurance

  • Life insurance can replace an individual’s income if he or she dies.

  • A life insurance policy can cover funeral expenses, probate, and other estate administration costs, as well as debts and medical expenses that aren’t covered by health insurance.

  • You can pass an inheritance along to heirs without owning any other assets by having a life insurance policy and naming them as beneficiaries.

  • Beneficiaries of life insurance may be able to cover estate taxes, allowing heirs do not have to liquidate other assets.

  • Individuals who make a charity the beneficiary of their life insurance policies can make a much larger donation than if they donated their policies’ premiums as cash.

  • A cash value may be created by certain types of life insurance, which can be withdrawn or borrowed, if the death benefit isn’t paid out, at the owner’s request. As such, buying a cash-value life insurance policy can be sort of like forcing people to save money, because most people prioritize paying their premiums. In addition, the interest is tax-deferred — and tax-exempt if the money is paid as a death claim.

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