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The Life Insurance Blog

Helping millions of Americans become educated
in making decisions about their life insurance needs

                                                    

3 Inventive Uses for Life Insurance

Mar 12, 2015 4:00:00 PM

3-inventive-usesAt IntelliQuote, we are huge advocates for protecting your loved ones using life insurance. And we know that we often ask you to think in broad strokes as you visualize and plan for the future.

But we know that these conceptual exercises are sometimes hard to pull off. Sometimes you need concrete examples. Today’s post is going to discuss three unusual, but real-life ways that your family can use life insurance policy funds to continue thriving should you unexpectedly pass away.

1) Pay for your spouse to go back to school: If you were to pass away tomorrow, how would your spouse and children survive after your final expenses and debts are paid? Would your spouse need to get an extra job or a more lucrative primary job? We often talk about taking your children’s college costs into consideration when it comes to your policy. But what about your surviving spouse? Will going back to school help them land a higher-paying job? If so, you may want to keep this in mind when it comes to selecting your policy.

2) Start an online business: Your surviving spouse may need to bring in additional income to supplement their salary if you are no longer in the picture. These days it’s easier than ever to start a business online (especially for women), and if your spouse is tech-savvy, they can build a website on WordPress for under $100. Couple that with the yearly cost of a URL and annual basic hosting, and they could easily start a business online for less than $500.

3) Create and sell physical products: If your spouse wants to go from the computer screen and into the spotlight, they even have the option to create a new physical product or company. With the rise of crowdsourcing, your spouse could have the money from your policy in addition to monies generated by the crowdsourcing effort to fund the business. Best of all, starting a business isn’t just limited to your spouse, your children can also use this money to fund their dream, or your spouse and children can team up to make it a family business.

A real-life example of a woman who used her legacy to invest in a dream is Christina Conrad , who created a sports bra that has the added functionality of a purse. Instead of using the money her recently deceased father left her to attend graduate school, she funded her business with a Kickstarter campaign and used the money she received from her father for living expenses.

At IntelliQuote, not only do we want to help you protect your family should the unexpected occur, we want to give you real-life examples of how your family can use their policy money to not only survive, but thrive.

Are you ready to see the type of legacy you can leave your family? Visit our quotes page and view up to six policies for the best rates today!

Click to receive your free life insurance quote.