One of the most common questions consumers ask is do I need life insurance? The answer is yes, but let’s delve into the issue some more. Life insurance is a touchy subject because no one enjoys discussing death. The thought of planning for death is uneasy, and we totally understand that. However, we all go at some point and it’s best to be prepared for when it happens.
Life insurance provides the kind of financial protection your loved ones will need when you pass away. By obtaining the proper life insurance, your family won’t have to deal with financial hardship in the event of an untimely passing. Plan for the future now to pay for these potential expenses:
Life insurance will help your beneficiaries cover your burial costs. Funerals and burials are extremely expensive. They cost thousands of dollars even if you elect to be cremated. If you have enough life insurance, this won’t be a problem for your loved ones.
Maintain Current Standard of Living
Another important benefit of life insurance is to leave behind money so that your family can continue with the same standard of living. What often happens to families that are uninsured is they have a difficult time living the same lifestyle when the bread winner passes away. By getting insured, your family will have money left over to continue doing what they’ve been doing, just without your financial help.
Fund Your Kids’ College Education
We all want our kids to be able to go off to college, even if we’re no longer around. Of course, we want to be around to see them graduate, but you can never guarantee that will happen. In the event you pass away prior to when your kids attend college, having quality life insurance will ensure they have a college fund waiting.
Pay the Mortgage
If you still owe money on your home, your family will be on the hook for it when you’re gone. Life insurance can help. This is just one of the great benefits of quality life insurance. Whether you purchase Term Life or Whole Life insurance, your beneficiaries will have money to pay the mortgage when you’re gone.
Pay Off Medical and Final Expenses
Medical bills add up. If you have medical bills left behind, your family will be responsible to pay them. That’s where life insurance again comes into play. Your beneficiaries can use some of the life insurance benefit to pay off your medical and other final expenses.