FRIDAY, NOVEMBER 27, 2020
Use Life Insurance Proceeds to Care for Your Passions
What are you passionate about? Do you have charities you spend a lot of time helping? For others, they wish they could do more. Life insurance may be able to help. Because of how flexible it is, you may be able to give the funds from your policy to something of importance to you. If you die with a policy in place, you could use it to accomplish many of the goals you have. How could you use it?
Life insurance is a type of investment. You buy it, you decide who gets to benefit from it. You can generally purchase as much funding as you like. The policy goes into place immediately. You make payments on it throughout your lifetime. Then, when you die, the proceeds from the policy go to the person you name as the beneficiary.
But, it does not just have to be a person. It can be a trust. The funds can also go to a charity or organization you are passionate about.
How Could This Work for You?
Work with your life insurance agent. Create a plan on how you would like the proceeds from the policy to flow after your death. For some people, the policy names a specific person. This person receives the funds from the life insurance at the time of your death. He or she can use them as desired.
If you wish to give to a charity, a group, or any other type of organization, consider a trust. The trust allows you to create specific guidelines and rules for the use of the funds. You may wish to consider the following types of opportunities.
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You may have a specific charity you support.
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You may have a specific church or religious organization you wish to help.
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Some people want to help fund specific efforts, such as food pantries or mission trips.
These are just a handful of examples. The life insurance funds can go specifically to these needs. You can use life insurance in this way to fund any goal you have. Work closely with your agent. Find the best way to use these funds to achieve your biggest goals after your death.
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