No one wants to consider their own death, but there are far worse prospects for those you love if you do not plan for it. One way to make things easier for your loved ones is to buy life insurance. Here are several reasons you should consider buying life insurance.
Protect Your Family Income
The most basic function of life insurance is to provide income for your family. Life often surprises us, so it’s important to take measures, such as securing life insurance, to lessen the shock of such surprises. You wouldn’t want your family to suddenly be left with no means of living. Life insurance will allow them to cover the cost of their home and any living expenses. They can use this money to manage things until they find a new source of income. Overall, this money can address any immediate financial needs of your family.
Estate Planning
There are other elements of estate planning, but life insurance is often a foundation. Life insurance money is very helpful in providing liquidity for your estate. It can allow your family to pay any taxes or fees and to keep assets intact. As you begin estate planning, you will need to choose the type of life insurance you will purchase. The two main types are term and whole life policies. Term policies last for a specific amount such as a specified number of years or until a certain age. Whole life policies will last for your entire life. Evaluate your situation and life stage to determine what type of policy would work best for you.
Ease the Burden on Family
As mentioned, life insurance will provide your family with the necessary income that will address their financial needs. However, this money can also help address their emotional needs. When there is a death in the family there are many big decisions to consider. Perhaps your family will need to downsize their home or move closer to extended family. They may need to address any loose ends after your passing. Having life insurance money gives them more time to grieve, adjust, and prepare to make decisions. Since they won’t have to address finances immediately, they can take some time to mourn without pressure. Your family can be given peace of mind.
No matter your stage of life, it’s never too early to consider life insurance. Since life is full of unexpected occurrences, it’s better to be prepared. Review your current situation and consider getting life insurance in order to care for those you love after you’ve gone.
If you’re looking for life insurance options, request a quote from us today!
LEGAL DISCLAIMER
Views expressed here do not constitute legal advice. The information contained herein is for general guidance of matter only and not for the purpose of providing legal advice. Discussion of insurance policy language is descriptive only. Every policy has different policy language. Coverage afforded under any insurance policy issued is subject to individual policy terms and conditions. Please refer to your policy for the actual language.
