Life insurance offers a way to protect family and loved ones in the event that you pass away earlier than expected. For those who are the sole income earners in the family, life insurance is a must! Even those who are married with a working spouse, life insurance can still be a worthy investment. That’s because there are several different reasons why people purchase this type of insurance. Listed below are 6 of the most important reasons you should consider purchasing a life insurance policy.
- To Cover Final Expenses – The cost of a funeral and burial can easily run into the thousands of dollars, and you probably don’t want to put that type of burden on your wife, parents or children in addition to the emotional stress they will have upon your death.
- To Cover Children’s Expenses – A life insurance policy will assure your kids can attend college and are taken care of should you pass. This makes life insurance a good idea if you still have children living at home.
- To Pay Off Debt – In addition to needing money for a funeral, burial and other expenses, this type of policy can also ensure debts like a home mortgage could still be covered.
- To Replace the Spouse’s Income – Those who have young children might have trouble paying for clothes, food, activities and other bills without one spouse’s income. Life insurance offers a way to supplement that income should something happen.
- To Pay Off Estate Taxes – These types of taxes can be steep. Having an insurance policy that can take that burden off your family is essential to avoid jeopardizing assets or funds built for retirement.
- To Protect Your Business – Life insurance can also help those who own a business. This can provide for the successful liquidation of your financial interest in the business for the benefit of your heirs.
Life insurance protects your heirs from the unknowable and helps them through an otherwise difficult time of loss. And in many cases, a plan might be more affordable than you think. Locate a life insurance company in your area and contact them directly to see what types of plans are available.