Life insurance is one of the most selfless acts a person can perform for their family, because aside from peace of mind the one who buys it will never see the benefit of it.
1. Coverage from Work Won’t Be Enough
As part of your benefits package from your employer, you may have a little bit of life insurance or AD&D. However, these benefits are generally minimal and will only go so far. In most cases, the life insurance payouts for your beneficiary will be insufficient for their long-term needs. While these sorts of work policies can help cover some basic expenses or fill a short-term gap, you’ll need something more significant to be well-covered.
2. It’s Easy, and Surprisingly Affordable
Many people avoid life insurance because they believe they can’t afford it or that it is difficult to understand and setup. But these things couldn’t be further from the truth. Now, it’s true that life insurance gets more expensive as you get older, but if you’re young to middle-age you can get super affordable options. (Here's when to buy life insurance.)
Many also believe that it is difficult to understand and set-up, but the process is quite simple. There are different forms of life insurance (Term, Whole Life, Simplified Issue, etc.), and deciding on the right type and amount involves a small learning curve. That said, the basics of life insurance are simple enough to understand. If you’ve been avoiding life insurance because of these reasons, don’t let that hold you back.
3. Pay Off Debts and Final Expenses
While we all strive to live debt-free, it’s just not always possible. If you’re young, you could have student loans to pay off. If you’re a bit older, you could have a mortgage, bills and other financial responsibilities that you need to take care. Life Insurance will allow your spouse or other beneficiary the financial means to pay off all your debts and even cover your burial expenses, leaving behind no burden of debt for your family to bear.
4. Replace Your Spouse’s Income
Think about this for a second. Can you make ends meet without your spouse’s income? Could your spouse live without yours? If the answer is no, then you need to buy life insurance right now. If something happens to you, you don’t want your spouse struggling to keep the family afloat, do you? Purchasing life insurance can provide your spouse with enough financial runway to sustain themselves and your family for many years to come.
5. Take Care Of Your Children
Have you thought about what would happen to your kids and their future if something happened to you? Have you saved up enough for their education? Or their weddings? For potential medical expenses? If not, then you need to make sure your children are taken care of. life insurance can be used to help with the expense of raising your kids and can even be devoted to their education and their future. That way you don’t have to worry about what will happen to your kids if something happens to you.
At the end of the day, you want peace of mind across all aspects of your life. If something happens to you, do you want your friends and family struggling to take care of things or make ends meet? Of course you don’t. You want them to have peace of mind, too. Life insurance will give you and your family exactly what you all seek. If the unthinkable does happen, life insurance will give you the means to take care of your family for potentially years to come.
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