How long has it been since you thought about getting life insurance? Whether you are just thinking about enrolling in a plan or have not had coverage for a while, here are five reasons why you should make the decision to purchase a policy.
Gives you peace of mind
An important reason to have life insurance is to give yourself peace of mind. Ask yourself, do you want to stay awake at night worrying about what will happen if you pass away tomorrow? How will your family pay the bills? With life insurance, you can ease your mind because you will know that these financial needs will be taken care of so your loved ones can continue paying bills when your income is no longer available.
Protects your finances
Life insurance is also a great tool to protect your finances. With life insurance, you can protect your assets because it will ensure your family’s money is not lost to paying for all outstanding debts, but instead, those expenses will be covered through the life insurance policy and the money you have saved can be used elsewhere.
Leaves a legacy
Giving your children a head start financially can be a good use for life insurance. Naming them as a beneficiary can be a way to leave a legacy because it could ensure they have money as they begin to navigate their own expenses. This could be a good strategy to ensure your children can be taken care of financially when you are gone and can use the money how they see fit to cover expenses.
Maintains lifestyle
Without a stable income, your loved ones may be forced to make lifestyle changes to maintain their cost of living. However, life insurance can be a good way to ensure your loved ones don’t have to sell their home or car, drop out of school, or not be able to buy the things they want because they can no longer afford it.
Helps loved ones in time of need
Paying for funeral expenses can be an unexpected cost. On average, a funeral costs $7,000-$7,500. If that money is not already set aside, your loved ones may have to scramble to come up with the cost of a funeral or have to borrow money to pay for the funeral. This can be stressful especially when loved ones are trying to grieve your loss. Instead, life insurance can cover these costs and ensure you can have the celebration of life you deserve.
If you are still unsure whether a life insurance policy is right for you, consider the benefits before making the decision. You can also connect with a licensed broker who can help you work out costs and analyze your options.