Avibra is a free app offering tons of content about living well — and we reward our users for their good habits with life insurance coverage.
Life insurance is one of the most important ways in which we can protect the people we love. Many people don’t think about getting life insurance until they’re in their 40s and 50s, but that’s not because they don’t need it earlier. The struggle younger people often face is being able to afford this type of protection.
Anyone who provides financial support for a partner, children, parents or even friends needs life insurance. This is why you’ll often see new parents getting their first life insurance policy. There are all sorts of family dynamics that might rely on your income to stay afloat. Who are just a few of the people can you protect with life insurance?
- Older parents you support
- Children, whether you’re married or not
- A stay-at-home parent
- A partner you live with
- Your spouse
- A special needs child
- A sibling you’re helping pay for college
- Your business partner
- Someone you cosigned a loan or other debt with
- The person who would be paying for your funeral
- Even a charity you help support
How Does It Work?
Life insurance is pretty simple. With a term life insurance policy, you simply select your beneficiary — the person you want to receive the benefit. The “term” part of term life insurance means that the policy is effective for a certain amount of time. This is similar to most other types of insurance where you pay monthly for your plan, like car or pet insurance. If you pass away while your life insurance policy is active, your beneficiary is paid the full benefit in a lump sum. They can choose to spend or save it however they see fit, so you don’t need to worry about limitations on what it can be used for.
Common Uses of Life Insurance Benefits
Like we mentioned above, there aren’t any limits to how life insurance benefits can be used. However, there are some common things people pay for using that money. Keep in mind that this isn’t a complete list. Every person has different needs and a unique situation.
- Rent or a mortgage
- School costs
- Assisted care for parents
- Necessities for children
- Regular bills
- Funeral expenses
- Hospital bills
- Support for special needs children
- Paying off shared debt
- Business expenses
- Child care and daycare
- Charitable contributions
Learn more about how to earn no-cost life insurance with the Avibra app today!