One of the most important types of insurance policies you can invest in is life insurance. If you don’t have life insurance, here are a few reasons finding a policy should be bumped to the top of your to-do list.
You Can’t Predict the Future
Right now in the United States, 75 million families depend on life insurance payouts from a deceased loved one’s policy for financial support. If you ask any of these families if they thought they’d be living off life insurance money, most of them would say “no way.” Taking out a life insurance policy is the best way to protect your financial dependents from any unexpected twists of fate.
Funerals Cost a Lot of Money
Coffins alone cost anywhere from a few hundred dollars (for a wooden box) to even thousands of dollars (for unique designs). When you factor in all the other costs—flowers, mortuary services, embalming, grave markers, cemetery plots, and obituary listings—the price funeral price tag can be overwhelming. We’re talking between $6,000 and $10,000.
Even if your family can survive financially without your added income, they would certainly benefit from a life insurance policy to cover your funeral costs.
Debts Don’t Go Away After Death
If you suddenly pass away with a large amount of debt, your spouse may be held responsible for payments. If not, your assets will be sold to cover the debts, instead of going to your children or other heirs. A life insurance policy can cover those debts and allow your assets to go to your kids. Or, if you have no debt, a life insurance policy can be one of those assets that gets passed on after you pass away.
Money Problems Will Add to Grief
Imagine your home-maker husband or wife is waiting for you to return from work. The phone rings. An officer’s solemn voice informs your spouse that there has been an accident: you aren’t coming home. Your spouse’s world is shattered. As he or she goes through the next few days overwhelmed with grief, they realize they are now the sole bread-winner for the family.
As if grief from losing a significant other was not enough, now they have the financial future of the entire family resting on their shoulders. A life insurance policy will not erase grief from an unexpected death, but it will keep financial worries from adding to the burden.
Your Business Might Suffer Without You
If you own a business and use it to support your family, a life insurance policy can be used to protect the company. The difference between a life insurance policy for your business and for your family is who you name as the beneficiary. If you want to protect both your family and your business, you can take out two different policies.
Guidelines for commercial insurance in Sherwood Park are different from insurance guidelines in Shenandoah, so talk to a company like Meyers Insurance Ltd. to find out what kind of life insurance policy you can use to protect your company.
The Money Won’t be Wasted if Nothing Bad Happens
Life insurance seems like a gamble—you pay a little money every month just in case something unexpected happens and keeps you from supporting your family. What if you reach retirement and never needed the policy? Depending on the type of policy you choose, that money can become part of your retirement fund.
Life insurance is a no-brainer. If you want peace of mind knowing your family will not struggle financially if anything happens to you, get to your nearest insurance agency and take out a life insurance policy today.