What are the images that pop up instantly in your mind after seeing the word?
A glutton like me would be drooling over the delectable Swedish meatballs and hot dogs.
For most of the population, it is normal to associate IKEA with furniture.
Despite that, it is not uncommon to find Ikea hacks online whereby DIY enthusiasts repurpose IKEA products for other functions.
You could actually construct a guitar with an IKEA chopping board.
A feature wall was built with nothing but $2 Rektangel vases!
Likewise, a life insurance has the same malleability properties as an IKEA furniture.
Allow us to present you some of these alternative usages of life policy.
Have you always wanted to help cancer patients?
Are you already volunteering for some philanthropic organization but also wish to contribute financially?
Your tight budget may not allow you to do so at this point.
A life insurance can help you with that.
It is almost akin to having your cake and eating it.
In the early years, your loved ones were protected by the policy.
When the intended dependents no longer require your assurance, it is possible for you to pledge your insurance proceeds to a charity of your choice.
You may not have enough to donate to a charity while you are alive.
Nevertheless, by changing your beneficiary, you shall be able to make a meaningful contribution to the cause that you believe in.
Preserve your future goals.
Many people associate life insurance for their protection value for their loved ones.
It could also be a protection for your current savings.
You may have a great analytic mind that allows you to make winning investments all the time.
Or you have a fantastic job that pays you very well.
An early retirement and financial freedom are almost at hand.
Unfortunately, a dread disease will be able to wipe out almost all your savings.
Thankfully, a combination of health and critical illness policies can be your defense to that.
Thus, life insurance is able to help you stay on your meticulously planned path to a perfect future despite certain unfortunate events.
Your children do not have to give up their university education.
The dreams of being able to be financially free are also preserved.
Equalizing An Estate
You have a son and a daughter.
You could leave the house to the son and bequest the money to the daughter.
However, the daughter may accuse you of favoritism or worse, sexism.
Should you split the apartment and money equally, it can cause a rift between the children.
One party may want to sell the flat while the other wish to continue staying in it.
The latter may not have sufficient cash to buy out the former.
Life insurance is your solution.
Buying a life policy that is equivalent to the value of the house will resolve your dilemma.
Now you are able to give equal shares without fracturing the kinship between your offspring.
Some of us believe in exiting with style.
You want to rest in a luxurious gold-plated casket.
A lavish week-long sending off at a memorial garden.
At the same time, you may not wish to burden your children with such expenses.
You can budget that yourself by insuring yourself with the appropriate amounts.
Now you can enter into afterlife in a blaze of glory!!
You are mired in deep debts.
The banks and legal moneylenders are after you?
Worried about losing your planned future for the loved ones if you declare bankrupt?
Life insurance is one class of assets that is protected from bankruptcy.
For those life policies are expressed to be for the benefit of your spouse or children, the Official Assignee will leave them alone after your bankruptcy has been finalized.
However, you may note that the compensation under Dependent Protection Scheme (DPS) will fall outside this protection and shall be paid to your creditors.
Maintaining your business
Your business was doing so well.
Out of a sudden, your business partner passed away.
His/her family members no longer wished to continue the business.
They wanted to sell it away.
However, you did not share the same sentiments.
You are not sure if you may work in tandem with the new co-owner.
On the other hand, you are hard-pressed to find enough cash to buy the entire company over at a short notice.
Your problem could be solved with a simple life insurance on your business partner.
Now you may buy his equity share and continue your budding business without a glitch.
When we see life insurance as a financial tool, it is not too hard to see its flexibility and the potential to provide alternative benefits.
As your needs change with time, your life policy can be utilized to serve another purpose.
Get creative and you may find yourself solving a financial situation with life insurance.
Do share it with us when that happens.
www.ClearlySurely.com aims to eradicate the knowledge gap between consumers and Life Insurance. Our Vision is that one day, every Man, Woman, and Child will be properly insured.