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.

Often enough, auto insurance is considered a necessary pain that has to be dealt with when driving a vehicle. In pretty much all cases, you can’t legally drive a vehicle without insurance covering it.

Do you know what factors most insurance companies look for to determine whether or not you are a high-risk driver? Usually, simple common sense will tell you when you think about your driving record. If you think that there is information contain in it that is troublesome, chances are the insurance company will, too.