Insurance can be confusing and it’s hard to know what you really need or want. But here are five very good reasons why you need life insurance.
As we grow older, get married, build families and start businesses, we come to realize more and more that life insurance is a fundamental part of having a sound financial plan. Depending on your type of policy, life insurance is fairly cheap, which means there’s no excuse not to get coverage now. Plus, over the years, you’ll find comfort in knowing money will be available to protect your loved ones in the event of your passing. Here are a few other reasons why having life insurance is important.
To Protect Your Family and Loved Ones
If your loved ones depend on your financial support for their livelihood, then life insurance is a must, because it replaces your income when you die. This is especially important for parents of young children or adults who would find it difficult to sustain their standard of living if they no longer had access to the income provide by their partner. You will also need to provide enough money to cover the costs of hiring someone to cover the day-to-day household tasks, like cleaning, laundry, cooking, childcare and everything else a growing family needs.
To Leave an Inheritance
Even if you don’t have any other assets to pass to your heirs, you can create an inheritance by buying a life insurance policy and naming them as beneficiaries. This is a great way to set your kids up for a solid financial future and provide for any monetary needs that will arise.
To Pay Off Debts and Other Expenses
In addition to providing income to cover everyday living expenses, your family needs insurance to cover any outstanding debts, like the mortgage, credit cards and car loans. Other expenses include funeral and burial costs that can easily run into the tens of thousands of dollars. You don’t want your spouse, parents, children or other loved ones to be left with any extra financial burden in addition to the emotional burden they’re already suffering.
To Add More Financial Security
Like most parents you probably want to know your kids will be well taken care of when you’re gone. You not only want them to get a quality college education, but to provide for other life ventures like getting married or starting a business. For this reason, additional coverage is absolutely essential while your kids are still at home.
To Bring Peace of Mind
We can’t know when we’ll pass away. It could be today, tomorrow or 50 years from now, but it will happen eventually. No amount of money could ever replace a person. But more than anything, life insurance can help provide protection for the uncertainties in life. Without a doubt, having life insurance coverage will bring you and your family peace of mind. It’s one thing you can be sure of and you’ll no longer have to question whether they’ll be taken care of when you’re gone. Life insurance protects your heirs from the unknown and helps them through an otherwise difficult time of loss.
need to find some that i can get
Laura if you are having trouble with acceptance you may qualify for a type of insurance called “guaranteed issue”. With guaranteed issue coverage, it is exactly what it sounds like; no health questions are asked, and your acceptance is assured.
cheese
There is likely have to have age limitation.
what are the importance of it to a trader
Hey Laura, did you every find any coverage?
Amanda L.
you are a chicken nugget
I’m just starting a little family, so I figure I should start being more serious about this kind of stuff. I didn’t know about the inheritance part. I would want my wife and kids to inherit all that I had, so they could be the best off they could in this kind of situation.
One of the reasons for having life insurance is to leave a legacy for the loved ones.
How much is enough depending on your annual income, your age and many other things.
In short, the coverage should be enough to cover your debt plus whatever is needed to support your family till when they are financially independent.
I had no idea that life insurance helps pay off debts and other expenses. I always thought that when you died, your debt goes away. I am glad that we have life insurance now, so that if I do die, my family won’t have to worry about my debt.
Not only debts, taxes as well.
Say you have mortgage and tax due, you want to get enough coverage to pay off debt, taxes plus more for their living expenses, emergency fund when you are no longer here to support your family.
You also wanna make sure you have the right kind. People out there will sell u whatever they can. You want to have a whole life policy that lasts you forever. ALao a recommendation is to have policy on your kids since it’s so cheap so when they grow up they don’t have to pay huge amount like you do cause they had since they were so young!
http://www.daveramsey.com/blog/the-truth-about-life-insurance
https://www.youtube.com/watch?v=C7VOZnJy7lE
https://www.insuranceblogbychris.com/why-term-life-insurance-is-best/
https://www.nerdwallet.com/ask/question/unbiased-experts-all-say-use-term-insurance-and-invest-the-difference-suze-orman-dave-ramsey-consumer-reports-19710
Whole life insurance is one of the biggest rip-offs a company can do to a family.
[…] life insurance then converting it into a whole life term insurance makes more sense. Also check out this article to find out some important reasons why you should get life […]
I am actually happy to glance at this weblog posts which carries tons of valuable
information, thanks for providing these statistics.
In your article, you stated that if your loved ones depend on your financial support for their livelihood, then life insurance is a must, because it replaces your income when you die. My cousin called me last night because his father passed away and he wanted to rethink some things in his life. Are there different levels of life insurance for those that can’t afford much? Finding some life insurance coverage could be a good place to start.
I love the idea of life insurance, especially the point that talks about leaving an inheritance for your children. I really appreciated how it talked about having something other than assets to leave your loved ones after you pass. I don’t have very many assets, and so I am happy that I can at least give them all SOMETHING if I happened to pass away.
Buying a life insurance policy is always a tricky. i want to know how to choose best insurance company to buy life insurance policy.
If anything were to happen to me, my number one concern would be that my family might not be provided for. My wife and I have been talking about life insurance for a long time, and I want to get started now before it is too late. I agree that leaving an inheritance for could help set them up for a strong financial future. I want them to have an excellent life, and if life insurance can help them do that, then it is definitely worth it.