Individual Insurance: Life Insurance

Whether you want to cover estate taxes, protect your business or maintain your family's lifestyle after you die, life insurance products are flexible enough to meet a variety of needs.  Having the right life insurance protection can make a big difference in your life and the lives of those close to you. A proper financial security plan that includes life insurance can mean the difference between leaving your estate financially secure and leaving behind debts and an inadequate income.

The proceeds from a life insurance policy could mean that your family or business would not have to sell assets to pay outstanding expenses or taxes. What's more, the death benefit (the proceeds from a life insurance policy) is paid tax-free to the named beneficiary of your policy. Other uses for the death benefit may include:

• Credit card debt
• Auto loans, home equity loans and mortgages
• Ongoing, monthly living expenses of your family
• Legal fees and expenses associated with administering the estate of the deceased
• Burial, cremation, memorial or funeral services
• A university fund for your children
• Spouse’s retirement fund
• The cost of education in the event your spouse needs to retrain to go back to work