No one wants to leave their family unprepared. That’s where life insurance comes in. Getting life insurance today can protect your family’s financial future, especially if you’re no longer around to support them financially.
1. Replace Lost Income
Most people buy life insurance as a means to replace lost income if something happens to them. Providing money for your loved ones is important, and life insurance helps to do just that. The benefit of life insurance can help cover monthly bills, like rent or mortgage, and even help fund your child’s education.
In some cases, people lose an income because the breadwinner has died. That’s where the death benefit check comes in. However, there are other ways to lose an income. Sometimes people are no longer capable of working, either due to their health or some other reason. If this is the case, then a life insurance policy would be able to supplement the loss through living benefits. This is a new feature added to most life insurance policies and is very popular.
2. Pay Off Debt
Debt can be very burdensome to your family, especially without your income available to help repay it. Life insurance benefits can be used to pay off debt and help create more financial security for your family.
3. Pay Final Expenses and Offer an Emergency Fund
Final expenses can be very significant, especially if there are large medical bills to pay, as well as funeral or legal expenses. An emergency fund can cover unexpected bills, such as emergency repairs to your home or car. Life insurance benefits provide cash that can be used to help your family cope in a time of distress.
4. Help Pay for Your Children’s Education
Educating children can be expensive and often requires a long-term strategy. Many people plan to contribute funds each year until they have enough money saved to pay all or some of their children’s education costs. Unfortunately, if something unexpectedly happens to you, there may not be enough time to set aside adequate funds for education. Life insurance benefits can help by creating a lump-sum of cash that you can count on to help pay part of your children’s education costs.
Since insurance is oftentimes overwhelmingly confusing, we want to shed light on this industry by answering YOUR questions. So if you have any questions or concerns, comment below and your question may be the topic of our next video!
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