Why you Need Life Insurance Today!

If something were to happen to you today, what financial position would it leave your family?  One thing that is inevitable in this world is death, yet so many people fail to obtain a life insurance policy.  While still in your youth, it is easy to keep putting it off, but as you get older and begin to start a family, buy a home, and/or start a business, it is vital that you make life insurance apart of your financial planning to protect your family in the event of your death.  If you do not currently have a life insurance policy in place, here are five vital reasons why you need to get one today!

To Cover Burial Expenses.  Funeral expenses can be pricey and you do not want to leave that burden on your loved ones in the unfortunate event of your death.  Get a policy with sufficient coverage so that your loved ones do not have to deal with the financial stresses of planning a funeral while simultaneously dealing with the grief of losing a loved one.

To Replace your Income.  The first thing people usually associate with life insurance are the funeral expenses however, if you have a family they will also have to cope with the loss of your income.  Life insurance provides financial security to your loved ones after your passing.  As much as you would like to think that, you will always be around to protect and provide for your family, this will not always be the case and you have to ensure that in your absence your family will still be able to sustain,especially if they have relied solely on your income.  If your employer offers life insurance coverage,get the max amount of insurance your company offers. Life insurance provided through your employer is usually extremely cheap and offers a substantial death benefit. You can also look into different insurance options outside of your employer. You want to make sure that you have enough insurance to cover your income for at least two years.

To Payoff Debt and Taxes.  Unfortunately,your debt does not disappear with your death. Your life insurance policy should be enough to cover any outstanding debt you may leave behind such as a mortgage, car loan, or credit card accounts. In addition, your family can face estate and inheritance taxes on any assets you may leave behind. Do not pass this on to them. Make sure you have a life insurance policy in place that will cover all of these expenses.

To Leave an Inheritance. Leaving behind an inheritance in the form of your life insurance policy is something most of us never think about but it is a viable option to leave your children with a solid financial future after you have passed away. Investing in a life insurance policy that offers a large death benefit could ensure your children are able to go to college, start a business, and/or invest in your absence.  You may not have accumulated any assets to leave your children yet, but having a good life insurance can make sure you leave them with a bright future anyway!

To Have Peace of Mind.  We can’t predict the future and although death is a difficult topic to discuss, it is necessary to plan how things should continue in the event of an untimely death. Life Insurance gives you and your family the peace of mind to know that in the unfortunate event of your death,your family will sustain and thrive in your absence.  

There are several different life insurance products and companies so you will have to do research to figure out what works best for you and your family.   Term life insurance is usually cheaper because it is only in place for a specified term; however, it offers large death payouts for a cheaper price.  Whole Life Insurance policies can be a lot more expensive but they usually accumulate cash value over the years that you can borrow against and they cover you for a lifetime.  Even if you cannot afford a large life insurance policy, get some form of coverage.  Even if it is a smaller policy, you and your family will feel more secure knowing you have something in place. 

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