Discussing life insurance isn’t really a fun or exciting conversation to have, but it is important. It’s always good to plan ahead and be prepared for what lies ahead in your future. Life insurance is ideal for people who support their spouse, are parents of young children, or care for a disabled child or adult, etc. Additionally, it helps provide immediate cash at death, meaning those debts, funeral expenses and income or estate taxes you leave behind, won’t be a burden to your family and loved ones.
Life Insurance and 5 Reasons Why You Need It
Still not sure? Here are some reasons why most people buy life insurance:
1. Funeral Costs
This can get really expensive! Some cases can cost up to about $7,000 to $10,000. This isn’t your extravagant type either; this is an average cost. This is a very emotional and difficult time for your loved ones – by putting the funeral costs on them can really add an additional weight on their already heavy shoulders.
2. Don’t Leave Them with Debt
With having life insurance, it’s extremely helpful for your loved ones to deal with any kind of debt you leave behind. Your family would typically get left with your financial responsibilities, but if you have life insurance, the immediate cash would take care of that issue.
3. Accidents or Illnesses
Unfortunately, we can never truly know what will happen to us tomorrow or the next day. Dying suddenly can happen at any given time… It helps bring peace of mind knowing that your loved ones won’t have to deal with any of your financial problems or any funeral expenses once you’re gone.
By buying a life insurance policy, you are able to name your beneficiaries. Your beneficiaries can be anyone you choose. So, if you have any children, this would be a great way to set them up for a solid financial future.
5. The Earlier the Better
It’s easy to put it off, but the longer you wait, the more you’ll end up spending in the long run. The older you get, the higher the premium and more expensive it tends to get with some carriers. This doesn’t necessarily mean that you should only get it while you’re young or that you shouldn’t even bother getting it now that you’re older! Life insurance is about getting it when you really need it the most.
Life insurance really isn’t as complicated or as expensive as you think it is. An agent at 1st Option Insurance can discuss this with you and help you find the coverage perfectly suited to meet your needs. Don’t wait until it’s too late!