What Can Life Insurance Pay For After You Pass?August 20th, 2020
Many older men and women worry about leaving debt behind for their families after they pass. A comprehensive life insurance policy can often ease many financial burdens after a loved one passes on. Some of the ways that families use life insurance payments can include:
- Mortgage payments. If you and your spouse still have a mortgage that you’re making payments on, your surviving wife or husband may have trouble making their payments after you pass away. This can be especially true if your partner has taken time off work to raise children or if you are your home’s primary breadwinner. A life insurance policy can give you the peace of mind that comes with knowing that your family will be able to stay in the home that they know and love even if you pass.
- Funeral and cremation expenses. The average funeral can cost between $7,000 and $12,000. Though there are plenty of options for low-cost cremations in Montgomery County, it can be comforting to know that your family will be able to use your life insurance benefits to cover funeral costs after you pass.
- Paying off debt. No one wants to leave their family members responsible for outstanding loan payments or joint credit card debt. The proceeds from a life insurance policy can help your spouse or beneficiaries pay off any remaining debt that you’ve incurred before you passed.
Have you recently lost a loved one? The passing of a spouse, friend, or other family member can be one of the most difficult experiences in life — especially if you are worried about funeral expenses while dealing with grief. McCafferty Funeral Home is here to provide you with affordable cremations in Montgomery County that will honor your loved one. Give us a call when you need us — we’re standing by 24/7 to assist you!