The Importance Of Life Insurance

Stop. Think a minute. What would happen if tomorrow didn’t come? Would your family be fine without you?

Answer is, probably not.

Whether young or old, rich or poor, we all have our time to pass. The question is, are you prepared? Think about your family’s expenses. Life insurance offers several benefits to those wanting financial security for their loved ones, in the form of:

  • Lost income for dependents
  • Funeral expenses
  • Living expenses
  • College tuition
  • Mortgage payments
  • Charitable donations

An influx of cash can keep your surviving spouse in their home by covering mortgage payments or covering your children’s existing or future college tuitions. Death benefits may not last forever, but they can help keep your loved ones afloat.

FINANCIAL BENEFITS OF LIFE INSURANCE

The biggest advantage of life insurance is financial protection – not to mention — peace of mind. Because a life insurance benefit is a tax-free lump sum of money, your family can use the cash however they wish. Your beneficiaries can use the life insurance to pay for other various expenses, including:

  • Debts like student loans, credit cards or car payments
  • Childcare
  • Everyday costs including food, transportation and healthcare

HOW DO I KNOW IF I NEED LIFE INSURANCE?

If anyone depends on you financially (such as your spouse, children, or a business partner), you need life insurance. The same is true even if you’re not the primary earner. Stay-at-home parents and caretakers provide vital services that would require outsourcing if you’re gone.

WHAT DOES LIFE INSURANCE COVER?

Life insurance covers almost every type of death – from accidental deaths to natural causes. As long as you’re honest about your health and hobbies when you apply and you pay your premiums on time, your family will be covered if something happens to you. Some policies even pay out before you die to help cover the costs of end-of-life care.

Life insurance isn’t just for the wealthy. No matter your income level, life insurance can ensure that your loved ones could make ends meet if you were to pass away. And, life insurance might be more affordable than you think.

Don’t brush off the idea of life insurance. Be sure to cover your family today.