Life insurance can play a significant role when it comes to estate planning. While most people purchase this type of insurance policy to protect their loved ones once they pass away, there are many more ways in which the benefits can be used. At Summit Coverages, Ltd., we offer a variety of life insurance products that match the needs of our customers. The benefits of the policy can be used in different ways.
Once you pass away, your loved ones will have many expenses to handle. In case you had a mortgage balance in New York, life insurance benefits will come in handy in helping to settle the outstanding amount. The benefits could also be used to take care of estate administration fees, medical bills, funeral or cremation costs, as well as any unpaid obligations.
If you would like to leave an inheritance for your loved ones, life insurance can help you to achieve this. Summit Coverages, Ltd. will ensure that the beneficiary you name when the policy is created gets the related benefits. Such benefits can go far in making sure that your spouse and children are comfortable.
Without adequate income, it will be difficult for your loved ones to meet their day to day needs. Life insurance benefits can be used to replace income and pay off debt. This means that your children could still go to college even after you have passed.
Depending on your wishes, you can choose to include your preferred charities as beneficiaries in your policy. Once you die, the benefits can be used to help fulfill your philanthropic goals.
If you would like to get a life insurance quote or purchase a policy, kindly call or visit our offices in New York. Our friendly staff will be happy to answer your questions and offer professional guidance on how to choose the right policy for you.