Life is Uncertain. It delivers both ups and downs. One moment life is unfolding exactly as you have planned and the next is an unexpected life changing event. You can’t control the future, no one can. However you can take steps to safeguard your family and the things you have built. The sole reason you buy Life Insurance is the protect the financial future of your family in case of your unexpected or expected demise. We have out lined 5 reasons why you need a life insurance policy.
• A quick and cost effective way to protect your family’s way of life if you die.
If you are an income earner with dependents then Life insurance is must in your financial portfolio. The reason is simple- if you die today who will take care of your family or dependent. Do you want to leave some financial burden to the survivors, kids, spouse, elderly parents?
Do you want them to pay for YOUR funeral?
Do you want them to pay YOUR creditors?
Do you want them to cut corners, sell their home, compromise with the way of life?
If the answer is NO to all of the above speak to a Life Insurance Broker NOW.
The Only one way to save on Life Insurance- Buy it when you are young or TODAY. Longer you wait it will be more and more expensive
• Can be used to cover final expenses, funerals costs
As mentioned, Life insurance is necessary at the time of death. Generally, the cost of a Funeral is about $30,000 (average). If you have at least $100,000 of Life Insurance, then it should cover the cost of the funeral. Simple Math. If you know when you are going to die, then maybe you can start saving now and hopefully your spouse or family will not have any financial burdens. If you don’t know when you are going to die then Life Insurance is Important for you.
• Protects your estate
Once you die everything you own will become part of your estate and creditors will be all over it. Have to satisfy government taxes, credit cards, other loans, debts. Adequate life insurance will help cover these costs and leave some cash for the family or the survivors. If you have a mortgage a life insurance policy can be used to pay off the house. Remember in case of Life Insurance the beneficiary is the one appointed by you. In case of the Mortgage Insurance the beneficiary is the Mortgagee.
• You don’t have to wait years for savings and investments to build up
If you wish to leave a small or large fortune for the family or a favorite nephew / niece or charity or your choice or grand kids, then life insurance is an easy way to do it. You don’t have to save. Just pay the premiums and if you die anytime the Life insurance Company will send the check.
• Helps replace lost income so the family can continue to pay for life’s necessities
A well-planned life insurance policy will make sure your family does have enough funds to continue to live with the same standard of living after your untimely demise. It does not replace you, but it does help replace your income.
Buying life insurance is the ultimate act of enduring love. It lets loved ones know that you care so much that you’ve made plans to provide for their well-being even after you’re gone.