The phrase
"other important purposes" is a general term that refers to any other objectives or goals that are considered significant, crucial, and necessary.
Full definition
This not only will reduce the debt burden but it will also save you thousands of dollars that you will be able to use
for other important purposes.
With Critical Illness insurance, you may not have to pull money from your savings or other investments which you have kept
for other important purposes.
Life insurance can also provide much needed funds to pay bills, make the mortgage payment and
other important purposes in the event the family's breadwinner dies prematurely.
Home equity lines of credit are easy and economical, and allow you to put the money you've invested in your home to work for you for tuition, home improvements, wedding expenses or
other important purposes.
Credit cards and other kinds of liability are not bad if used for emergencies and
other important purposes, as they tend to burgeon very fast.
When searching for life insurance, it is likely that the proceeds will be used for paying off large debt, replacing income, or
some other important purpose in which survivors will rely.