8 things you may not know your life insurance actually covers

Let’s take a look at the most common expenses covered by life insurance as well as potential exceptions.

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When someone dies, their debts don’t always do the same. Life insurance can help cover debt-related expenses.

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Monthly Bills

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Replacement of Lost Income

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For households with children and other dependent family members, the loss of a parent could usher in additional costs as well as lost income.

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8 things you may not know your life insurance actually covers

Let’s take a look at the most common expenses covered by life insurance as well as potential exceptions.

When someone dies, their debts don’t always do the same. Life insurance can help cover debt-related expenses.

Debts

Monthly Bills

As part of a family or household, you might pay for monthly expenses, such as groceries, utilities, rent, mortgage payments, and other non-discretionary spending.

Replacement of Lost Income

If a policy owner was still in the workforce at the time of their death, their beneficiaries may be able to recover lost income through life insurance.

For households with children and other dependent family members, the loss of a parent could usher in additional costs as well as lost income.

Child Care or Dependent Care

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Finding a financial advisor doesn’t have to be hard. SmartAsset’s free quiz matches you with fiduciary financial advisors in your area or who serve your area. If you are ready to be matched with financial advisors that can help you achieve your financial goals, take the quiz now.

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