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How to use life insurance

The coronavirus pandemic made people more responsive to the issue of careful planning of their own finances. Many Americans will need to create their own stabilization fund, which can only be spent in the most extreme case. Such a fund for a rainy day should be saved for more than one year, writes Money.com.
How to use life insurance

Life insurance can be an important tool to help family members cope with financial trouble when someone dies. The payout on such a policy may cover debts or provide a financial pillow to all family members.

However, life insurance is not always a solution. The policies can bring customers constant high income. “Investment life insurance protects your deposits. After the policy expires, it guarantees a return that far exceeds inflation,” says Marcy Keckler, the vice president, financial advice strategy at Ameriprise Financial.

The key advantage of investment insurance in comparison with the securities market is a 100% investment security. In addition to possibility of obtaining high profitability, throughout the entire contract term, customers are also insured, that is, their relatives are provided in case of trouble. Additional bonus of such policies is preferential taxation.

Source: https://www.msn.com/en-us/money/insurance/how-to-use-life-insurance-as-an-investment-%E2%80%94-not-just-a-last-resort/ar-BB15oZdz

Photos are from open sources

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