There are very few instances why someone could not benefit from a life insurance policy. We’ve put together seven reasons why almost anyone would need a life insurance policy for themselves or for the main wage earner in their home.
- Instant Estate for your Family
It takes a lifetime to build up a large estate for your family. With life insurance you can instantly provide security for your family if you die unexpectedly. - Pay Off Debt
The mortgage is the first debt that likely comes to mind, but most Americans have many other forms of debt that can drain a family’s finances very quickly when the main income earner dies. Car payments, college loans, credit cards, and other smaller debts can put a lot of strain on the surviving family members. - College Funding
Your young daughter or son may only be learning their ABCs right now, but in the event of your untimely death or debilitating injury the funds for their college tuition could be lost in a matter of months. Life insurance can provide a blanket coverage for such an instance. - Lost Income
A common standard for many families considering life insurance is to estimate that a non-working spouse or homemaker should be insured to have an income of at least $35,000 replaced. - Final Expenses
Even if you have no dependents and no debt or outstanding bills someone will have to pay for your funeral costs. With a burial policy your loved ones will not be stretched to cover the final expense of your burial. - Long Term Investment
Cash value over time is a great way to make your life insurance policy go even further. This “nest egg” could be used for college tuition, starting a business, or a down payment on a house. Whole life policies do not always require a death to receive benefits. - Peace of Mind
When a time of grief overwhelms a household there is nothing that can make things any “better,” but having the peace of mind of a secure estate will certainly make the time of grieving much easier. Life insurance doesn’t take away the pain of losing a loved one, but it certainly helps deal with the reality of living security without your recently deceased