Can Life Insurance Be Used To Pay Off Debt? 
Retiring debts is often the motivation for purchasing life insurance . Often a lender will require that a life insurance policy name them as a loss payee to make sure that the debt is paid should the person die . The cash value of the life insurance policy can often retire a debt . Although no longer a popular concept , using a whole life policy y to provide the protection for a mortgage results in a cash accumulation that can pay off a mortgage well in advance of its completion , saving a great deal of money . 