Life insurance provides financial security in case of the death of the insured. If you have loved ones who depend on your income for support, you should strongly consider life insurance. To be sure you’re choosing a plan that works for you, it’s important to understand what a policy may and may not cover. What Can Life Insurance Cover?End-of-Life Expenses
End-of-life insurance can help cover death-related expenses, such as funeral and burial costs. If this is the only coverage you need, consider purchasing a final expense insurance plan. Monthly Bills and Expenses
One of the major benefits of life insurance is that it can replace your income for those who depend on it. This can help ease the strain of making monthly payments on a mortgage, car loans, co-signed debts, or other expenses without the support of your income. It can be helpful to talk with someone and calculate how much coverage these expenses might require. Estate Settlement
Some life insurance plans can help cover estate settlement fees and planned expenses. Some of these expenses may include attorney fees, payment of outstanding taxes, and payments to beneficiaries, dependents, organizations, or charities. Child or Dependent Care
Some plans offer coverage for dependent care expenses. These can include anything from daycare to after-school programs or nannies. Adult dependents, such as an aging parent or disabled child, can also be included in this coverage. College expenses may be another factor to keep in mind. Remember to consider not just the cost of tuition, but also of room and board, meal plans, books, supplies and transportation. Medical Expenses and Long-Term Care
Some life insurance policies include living benefits, depending on your needs. For example, if you have a terminal illness, you may be able to access death benefits before passing to help pay your medical expenses. This helps reduce the financial burden of medical debt on loved ones after your passing. Living benefits will, however, reduce the payout after death. What Can’t Life Insurance Cover?
While there aren’t restrictions for the kinds of expenses you can use a death benefit payment for, there are some instances in which a death benefit may not be paid out. Those with expired or lapsed policies, for example, would not have a payout for their beneficiaries. Exclusions to policies may also apply, so review your policy to understand what these might be. If you want to discuss how to incorporate life insurance into your estate plan, call the office to schedule an appointment to explore your options. This material was developed and prepared by a third party for use by your Registered Representative. The opinions expressed and material provided are for general information and should not be considered a solicitation for the purchase or sale of any security. The content is developed from sources believed to be providing accurate information. The cost and availability of life insurance depend on factors such as age, health, and the type and amount of insurance purchased. Before implementing a strategy involving life insurance, it would be prudent to make sure that you are insurable by having the policy approved. As with most financial decisions, there are expenses associated with the purchase of life insurance. Policies commonly have mortality and expense charges. In addition, if a policy is surrendered prematurely, there may be surrender charges and income tax implications. | 
