Why have life insurance?

There are many reasons for getting life insurance as we get older.  We get married, start families, incur debt, and more. Life insurance becomes a vital part to help bolster all the events that occur in our lives and is a sound financial tool in your plan.  Life insurance is generally very affordable so there really is no reason not to have it. Here are some other reasons to have life insurance.

PROTECT YOUR FAMILY AND LOVED ONES

If your loved ones depend on you and you are the main lifeline for their financial support and livelihood, then life insurance is an absolute must!  Why? Because it replaces your income when you die. This is crucial for parents with children and adults who might find it difficult to maintain a standard of living if their partner no longer was alive. There may be a need to provide income to cover additional costs of hiring someone to help with everything that is needed to support the family.

FOR AN INHERITANCE

Life insurance is a great way to pass on a legacy or inheritance for you heirs by simply naming them as beneficiaries.  Since life insurance is tax free, it is a great way to set your heirs up for a rock solid future and provide for any needs that will arise.  You may need to look at establishing a trust so consulting with an estate attorney would be a smart thing to do.

TO PAY OFF DEBTS AND OTHER EXPENSES

We all incur debt in our lives and those debts just don’t disappear when we die. In addition to providing income, your family needs insurance to cover any outstanding debts you have which could include things like the mortgage, credit cards, college debt, and auto loans. There will also be the need to cover final expenses that include funeral and burial costs.  Funerals can be very expensive so you don’t want to leave an extra financial burden for your loved ones. They will be dealing with the emotional loss already.

ADDITIONAL FINANCIAL SECURITY

Most parents want to know that their children will be taken care of when they are gone. We want to know that they will have money for future costs that could include marriage, college, first time home buying and more. For this reason alone, having additional coverage is essential while your kids are still under your roof.

JUST HAVING PEACE OF MIND

Nobody knows when we’ll pass away.   It could be today, tomorrow or 20 years from now, but it will happen. This we know.  Money will never replace a human being. But, life insurance will provide protection for the unknown. Having life insurance coverage will provide peace of mind in knowing that everything will be taken care of from a financial view. Life insurance protects your heirs from the unknown and helps them through an otherwise difficult time of loss.