Why You Need A Life Insurance Policy
No one ever wants to think about dying, but we can live our lives much better once we know that we have a plan in place to take care of our loved ones when we are gone, and life insurance does just that.
I am going to be sharing a few of the reasons you might want to purchase your own life insurance policy.
Protect Your Loved Ones
When most life insurance policies start working, you are no longer here. Therefore, life insurance is not for you. It is for those you leave behind. Whether it is your spouse, your children, or any other beneficiary, there is no better feeling than ensuring their future is financially stable.
Cost of Death Expenses
Funerals are expensive. The average funeral costs between $7,000 and $12,000. You would not want to leave your family with the burden of trying to scrape together enough money for a service. A life insurance plan takes away the financial stress from your loved ones while they go through their grieving period.
Take Care of Debts
Not all loans are going to disappear when you die. Especially those you have cosigned with a spouse, or partner, such as a mortgage or other loans. The responsibility of payment will fall completely on their shoulders. There is also the possibility that creditors will take what is needed from your estate and your family will be left with the diminished remainder. A life insurance policy will allow those debts to be taken care of by your loved ones.
Business Protection
Owning a business is not an easy task, and those who do it have worked hard for it. That is why you would want to put something in place so that in the event of your death, your business would be able to survive without you. This is especially important if you have a business partner. You should both be insured so there is no extreme financial burden left when either one of you passes.
A Life Insurance Policy Cannot Wait for Later
If there is anything to be certain of, it is that life is full of uncertainties. You may be putting off purchasing life insurance because you are healthy, and you feel like it is unnecessary. But if you were to suddenly become sick and need it in the future, it may not be available to you. A life insurance policy will stay in effect if your health begins to deteriorate and riders could be added that would provide extra benefits in the event of terminal illness.
There are many things that we can run from in life, unfortunately, death is not one of them. And it could all be such a less gloomy subject if we were able to ensure that those we leave behind were going to be well taken care of. Overall, one of the greatest reasons we might need life insurance is to live with greater peace of mind.
Life Insurance Questions?
We hope this information on why you need a life insurance policy is helpful.
If you’d like to learn how we can help you plan your retirement, call Empower Brokerage to speak to one of our Life and Annuity experts (888) 539-1633
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