Life evolves…as we grow older, we get married, we build families and perhaps we even start businesses. With all these changes, Life insurance becomes more and more of a necessity in the scope of our financial plan.
Depending on the type of policy, Life insurance can be fairly inexpensive. This is especially so when you take into account that your coverage provides your loved ones with the means to move forward in the event of your passing.
The benefits of Life insurance are all too often overlooked and regarded as superfluous. But that’s not the case and here are few reasons why:
1. Protecting Your Family and Loved Ones – If you have family members that are dependent on your financial support for their livelihood, then life insurance is a must, because if you should pass, your income will need to be replaced somehow. Parents of young children or couples who will face challenges if they no longer have the source of income provided by their other half will find it to be especially necessary.
2. Leaving An Inheritance Behind – Even if you don’t have any other assets to pass to your heirs, you can create an inheritance by buying a life insurance policy and naming them as beneficiaries. This is a great way to set your kids up for a solid financial future and provide for any monetary needs that arise after you’re gone.
3. Paying Off Debts and Other Expenses – Everyday living expenses aside, your family will need insurance to cover any outstanding debts, like the mortgage, credit cards and car loans.
Funeral and burial costs can be extremely overwhelming to a family that has just lost their sole or one of their major providers. These costs can easily run into the tens of thousands of dollars. You’ll want to be certain that your spouse, parents, children or other grief-stricken loved ones will not be left with any extra financial burden.
4. Added Financial Security – As a parent, you want the most for your children. It’s important to you to ensure that they will go on to have every advantage possible. Making sure that college is taken care of is just the beginning. You’ll also want to be able to provide what you can as they set off on life’s ventures, such as getting married or even starting businesses of their own. The time to start thinking about this is now, while your kids are young and still at home.
5. Delivering Peace of Mind – While no amount of money can ever replace a person, Life insurance can help provide protection from the uncertainties that life brings. The peace of mind that comes from having a Life insurance policy in place is priceless.
Death comes without warning. It could be today, tomorrow, or many, many years into the future, but one thing is for certain, it will happen eventually. Life insurance protects your loved ones from the unknown and comforts them as they deal with their loss.