Having life insurance is part of a sound financial plan just like saving for retirement. A life insurance policy helps with planning for your loved ones’ long-term health and happiness, especially those who depend on your income, in case something were to happen to you. If you currently do not have life insurance, here are some reasons you need to call an agent to get a policy in place:
TO PROTECT YOUR FAMILY AND LOVED ONES
As mentioned above, 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. Having a replacement income 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 provided by their partner.
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 quickly run into the tens of thousands of dollars. You don’t want your spouse, parents, children or other loved ones left with any extra financial burden in addition to the emotional strain they’re already suffering.
LIFE INSURANCE PROCEEDS ARE GENERALLY TAX-FREE
When someone unexpectedly passes away, people want to help and crowdfunding options like “GoFundMe” that have become a popular platform to collect money for the family in their time of need. This option creates tax consequences for the people they’re meant to help. A life insurance policy is a much better option and is generally tax-free.
TO BRING PEACE OF MIND
No amount of money could ever replace a person. But more than anything, life insurance can help protect 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.
If you still need help getting a handle on all this, call us and talk to an agent. We can help you understand the best policy for your budget and needs. Because of course—the most important thing to know about life insurance is that it’s there to help the people you love the most. Call us today to make an appointment.