You probably don’t think much about life insurance– after all, cashing in a policy usually means someone close to you has passed away. But it’s important to know a little bit about how you can use life insurance proceeds. Most people know that life insurance proceeds can pay for funeral expenses or to pay off a home mortgage. But here are some lesser-known ways to use a life insurance policy according to Life Quotes, Inc:

Medical expenses due to terminal illness: According to Life Quotes, Inc, if you are battling a terminal illness you can take a portion of the death benefits to fund medical expenses involving treatment and care. This means your family will be stuck with less of a bill after you pass.

Children from a former marriage: Insurance proceeds can be used to pay for expenses involving any children left behind. It’s important to purchase enough insurance to care for your youngest child, a reason to reevaluate your coverage regularly. As your children grow your needs likely change.

Charitable donations: Your life insurance proceeds don’t have to go to a person– they can also be given to a cause. You can set up for your insurance money to go to a charity as the beneficiary.

Your business partner or long-term girlfriend or boyfriend: Your life insurance beneficiary doesn’t necessarily have to be a relative. You can also designate a business partner or long-term girlfriend or boyfriend as long as they meet certain criteria.