4 Importance of Life Insurance for You and Your Loved Ones
The value of life insurance is evident and cannot be emphasized further, but it’s unfortunate many people choose to overlook the reality of life, and that is death. It’s a harsh reality that can not only bring an emotional toll on your loved ones, but also ravage their quality of life. Without proper protection, you’ll be leaving your family in a critical financial position with heavy funeral bills, or even worse, outstanding mortgage to pay. Life insurance guarantees protection for your surviving family members and safety of your home when you pass on.
If you are you are thinking of subscribing to a life insurance plan, you might be doing yourself a huge favor. According to statistics by the life insurance industry, 3 out of 5 people have some type of life insurance, and another 34% indicate possibilities of buying a cover within the coming year. Currently, there are several types of life insurance policies to choose from and they are packaged differently. Payable premium, duration of cover and beneficiary are three main elements that distinguish life insurance plans from one another. With different insurance covers to choose from, you can easily get a cover that suits your individual and family needs.
Below are other reasons why you should certainly have life insurance.
Cover funeral bills and other debts
The reason why funerals are expensive is that no one actually prepares to die. Ignore the costly and extravagant funeral services, but even a simple send off service has its own cost implications, which has to be handled by your loved ones. This can be really hard for them considering they are in a mourning state. But with a life insurance cover, you funeral expenses and other related costs will be covered helping your family overcome financial hardship in the event of your passing.
Other than funeral related expenses, life insurance coverage can extend to cater for other debts such as loans and mortgages, ensuring your family doesn’t suffer from your absence.
Ensure family security
It’s your duty to protect and provide for your family even in your absence. Because your loved ones depend on you for financial support, it’s crucial you have life insurance that fills the income gap when you die. This is especially essential for families with young kids who’ll need to be taken care of through adulthood. Afterall, you’d want your family to have a quality life after you’re gone. It’s wise to choose a policy that will continually provide for your loved ones and sustain their livelihood.
Inheritance is by default a right to your heirs. In case you don’t have any other form assets your children can inherit, you can buy a life insurance plan and make them beneficiaries. This is vital if your kids are still in school because they need a stable financial future to progress in different levels of education. In addition to leaving an inheritance for your loved ones, life insurance can also help support different charities or project you engaged in when you were alive.
Peace of mind
Since death doesn’t have a timeline, it’s paramount that you protect your family from life eventualities. Certainly, life insurance is the most effective way of giving your family a solid financial future, which will offer you and your family a peace of mind.
Lastly, if you haven’t subscribed to any life insurance policy, stop to consider the above factors and picture how miserable and devastating your family will be without a sound financial plan.