You do what you can to protect your family’s future. You work hard to provide an income and health insurance. Have you considered making life insurance a part of that protection plan?
Ask yourself a serious question: “Would there be a significant financial burden left to my family if I died tomorrow?” If the answer is yes, it may be time to speak to a financial professional that can help you find a trusted insurer for life insurance coverage. Here are a few reasons why you may want to consider buying a policy:
Protect Your Family’s Finances
While you cannot predict a sudden death, you can be financially prepared for whatever may happen. Your life insurance policy could pay for funeral expenses, and these days the average funeral costs around $10,000. Life insurance can remove the stress of your loved ones unexpectedly having to handle a large expense.
Pay Outstanding Debts
Unfortunately, your debt doesn’t go anywhere if you suddenly pass away. Someone will have to take over payments, but you don’t have to let that burden fall on your loved ones. Instead, let your life insurance policy cover your debt.
Get yourself a policy that provides long-term protection. Life insurance can be used to pay remaining debt like a mortgage, student loans or credit cards.
Cover Loss of Income
Your death would not only be emotionally stressful for your family, but it could also be financially challenging. Especially if you are the primary source of income for your household, your death would mean a significant decline in monthly income.
Set up a life insurance policy that could help cover your income. Even if you are not the sole breadwinner, losing any form of income can be difficult. Your plan can ease the financial stress that comes with losing a provider.
It Is Affordable
It’s not one-policy-fits-all when it comes to life insurance. There are many different options available that can suit your family’s needs. You don’t need to break the bank just to make your monthly premium payments.
Your insurance professional can help you decide how much coverage would best suit your needs. Term life insurance tends to be the an inexpensive option. It can provide coverage over a specified period, and when the term is up you can choose to renew it or let it expire.
Another option is permanent life insurance. This is coverage for your entire life, so your premiums at the start of the policy will be more expensive. However, premiums are locked in and do not change over the years. It typically balances out the older you get.
Use It to Help With Retirement
Permanent life insurance sometimes has a feature called cash value. This allows you the potential to accumulate cash value. Be sure to talk to your financial professional about how these types of policies work and how the cash value can be accessed to help supplement retirement income later in life.
Protect your family’s financial future so that if the worst happens, they won’t be struggling with a financial burden. Life insurance may seem confusing, but with right professional helping you, you can find the best policy for your family.
