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Seven Ways to Use Your Life Insurance Payout

This article explores seven options for utilizing life insurance payouts, including debt reduction, creating an emergency fund, and investing in various instruments to supplement retirement income.

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German

Germany

Germany InvestmentFinanceDebtRetirement PlanningEstate Planning

Verbraucherzentrale BremenBundesverband Deutscher BankenDeutsche RentenversicherungDpa

Thomas MaiKathleen Altmann

What is the option to supplement monthly income?: To supplement monthly income, consider investing the payout in a bank payout plan which offers a fixed monthly amount while the remaining capital earns interest.
What is a suitable option for long-term investment?: For long-term investment, investing in broad-market ETFs minimizes risk and provides potential returns over time.
How much money should one keep aside as emergency fund?: A portion of the payout can be set aside as an emergency fund, ideally covering at least three months' worth of expenses, for unexpected costs or repairs.
What is the first priority after receiving life insurance payout?: Upon receiving a life insurance payout, one can prioritize paying off debts like mortgages or loans to save on interest payments.
What is the possible way to utilize life insurance payout for family?: Tax-efficient gift-giving to family members, considering legal limits, is another option to utilize the payout.

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