Is Life Insurance Used To Pay Debt?

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   Peggy MacePRO

   Most of the U.S.

   Life insurance can be used to pay off debt, or it can be used as collateral in borrowing money. Most people do not borrow money with the idea that they will be dead before the loan is paid off, but if death does occur before debt is repaid, life insurance is an excellent way to pay it off.

   Answered on October 2, 2013

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