6 Reasons to Consider Life Insurance
You don’t buy life insurance for yourself, but for those who will be left behind in the event of your death. No one likes to think about dying, but with a bit of planning, you can make it less stressful financially for your family.
Life insurance pays out a predetermined amount in the event of your death during the term of the policy.
See below for some reasons you should consider taking out a life insurance policy:
Life insurance funds can be used to cover your final expenses. These might include funeral and burial costs as well as medical expenses not covered by health insurance, probate, inheritance tax, and other estate fees. Dealing with final expenses can be quite expensive as well as stressful. Knowing that funds are available to pay them can be reassuring to a family during bereavement.
Loss of Income
Your income probably covers a portion, or even all, of your family’s monthly expenses. In the event of your death, your income will no longer be there, but your family’s expenses such as housing, utilities, food, etc. will all continue. Life insurance can replace that income for them when you die.
Even if you have other assets, life insurance can still be important. It is typically paid out much more quickly than settling an estate, which can take months to complete. The faster pay-out can be helpful during those first difficult months.
Your family home isn’t just walls – it’s memories made throughout the course of your life. It’s also typically the biggest expense in your family’s budget. Life insurance cover can pay off the mortgage and ensure that your family will be able to continue living in their home.
With university fees continually on the rise, it’s important to set up a savings plan for your children’s education. But if you should die before the plan is fully funded, life insurance can make sure that your children will still be able to complete their studies.
Even if university isn’t part of your children’s future, they might want to learn a skilled trade or go through another training program that needs funding. Life insurance could be a resource to protect their future choices.
Unfortunately, when we die, our debts don’t just disappear. Life insurance can help your family pay off any outstanding debts without having to sell off assets or change their lifestyle. Dealing with debt can be stressful in the best of times, and even more so after the loss of a loved one. Having enough life insurance to cover any outstanding debts can make a difficult time easier to navigate.
Do you want to leave something behind for your children or grandchildren? Would you like to help them get on the property ladder, begin an investment portfolio, start a business, etc.? Even if you don’t have other assets to pass on, life insurance is an easy way to create a legacy for your heirs.
Life insurance is a very important financial tool that can make all the difference to your family in the event of your death. If you would like to discuss your financial needs, contact your Genistar representative today for a full financial review.
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