Why life insurance is a must-have
It’s not always pleasant to think about, but it’s important to make sure that your family is financially taken care of after you die. The best way to do this is to invest in a reliable life insurance policy. There is an insurance policy out there for everyone, regardless of your age or income level. Here’s why it is so important for your family’s financial longevity.
It can pay for your funeral
One of the biggest reasons why people invest in life insurance when financial planning is to cover the cost of their funeral. Funerals can cost several thousand dollars, and if you don’t have money saved up ahead of time, this can be a huge financial shock for your family. All types of these insurance plans have a death benefit large enough to cover the cost of a funeral, whether you have a final expense plan, a term-life insurance plan, or even a whole-life insurance plan. Planning a funeral can be incredibly stressful for your family, particularly if they weren’t expecting it. A good plan can reduce that stress for your loved ones.
Insurance, term-life or whole-life can support your dependents
If you’re the main breadwinner for your family, insurance can help support them for a period of time after your passing. A good insurance policy will provide extra money for dependents like your spouse or your children, which they can use to supplement their income, pay bills, and even pay for your children’s education. Both term and permanent life insurance policies can provide extra money for your dependents. This will provide your family with the peace of mind they need to grieve and move forward after your passing.
It can pay for your debt
For those that have debt, including mortgage debt, student loan debt, or credit card debt, it’s even more important to have a life insurance policy in place, and you should consider your debt when determining the appropriate death benefit for your insurance policy. You won’t want your family to be responsible for paying your debt after your passing, so a good policy will settle these outstanding financial expenses.
Good insurance policies can help you grow your wealth
If you invest in a whole or universal life insurance policy, it will have a cash value component that allows you to save money over time. This type of life insurance policy is more expensive, but it can be worthwhile if you’d like to grow your family’s wealth and add purchasing power in the future.
It doesn’t have to be expensive
Many people don’t purchase insurance policies because they worry that it will be too expensive. You might be surprised to find that life insurance can be very affordable and only require a small monthly payment. Whole-life premium costs are typically determined by your current health profile, so purchasing a policy early in life is the easiest way to get affordable coverage.
If you don’t have a good insurance policy, now is the perfect time to purchase a one. Contact Jeffrey Lee Financial today to learn more about all of the great products that we offer.