write benefits of life insurance

Life insurance provides several financial benefits for you and your family. Here are some of the benefits:

1. Lump sum death benefit: If you pass away, your heirs receive a lump sum, tax-free payout from the policy. They can use this money to pay your final expenses and to replace your income ¹².
2. Coverage for chronic and terminal illnesses: Some policies pay out if you develop a chronic or terminal illness ¹.
3. Savings for retirement: Some policies provide savings you can use to support your retirement ¹.
4. Tax-free payouts: Life insurance payouts generally are income-tax free ¹.
5. Coverage for nursing home care: Some policies could also pay if you go into a nursing home ¹.

It’s important to consider the financial strength of the life insurance company that issues the policy when selecting a life insurance policy. State guaranty funds may pay claims if the issuer can’t ¹.

I hope this helps! Let me know if you have any other questions.

¹: Investopedia. ²: Forbes Advisor.