SOURCES OF IMMEDIATE FUNDS

Cash to Meet Daily Living Needs

Cash to Pay Expenses Associated with Death

Funds for Emergencies, Repairs, or Replacements

INCOME TO FAMILY SURVIVORS

Dependents

Nondependents

Level of Support

FUNDS TO REPAY DEBT

FUNDS TO PAY DEATH TAXES

FUNDS FOR DEPENDENTS� EDUCATION

FUNDING TRUSTS AT DEATH

CHARITABLE DONATIONS

FUNDING FOR GIFTS TO INDIVIDUALS

SUPPLEMENTING RETIREMENT INCOME

FUNDING HOME HEALTH CARE OR NURSING HOME CARE

TRANSFERRING ASSETS TO YOUNGER GENERATION

DISCREETLY PROVIDING FOR CONFIDENTIAL NEEDS

This chapter addresses the various family situations that give rise to a need for funds that life insurance can supply. Some of the situations apply to almost all families, while others may be relatively complicated and apply only to special circumstances. Nevertheless there are many planned and unplanned needs for funds that can be satisfied with life insurance policies. Policies with cash values can provide funds during the insured�s lifetime and benefits after the insured�s death. Death benefits can be paid within a few days of the claim filing and are therefore an excellent source of immediate cash to the surviving family members. Life insurance makes the funds available upon death to meet any of the beneficiary�s subsequent needs unless the contract intentionally directs the funds to a restricted use or availability.