So you have insurance policies for your car, home, phone, and other items set up but what about life insurance?
When thinking and planning for the future, we don't always think about death or plan for it. And as much as death is the most uncomfortable fact of life, it's essential to plan for it in advance to ensure the tragedy is less complicated.
Getting life insurance is one of the critical financial decisions you can make. Life insurance offers assurance that your family and loved ones are financially secure no matter what.
The truth is, the future is unpredictable. Your current financial status could be excellent, and your family is well taken care of NOW. But would they still be solid without your income? Would they be able to continue with the mortgage payment while still taking care of other daily expenses?
Think about it…
Here are a few reasons why life insurance is essential:
It helps to protect your family and loved ones financially
Life insurance is not about you. It's there to protect your spouse, your children, and other loved ones from the potentially devastating losses that can arise. Even if you save money a lot, most likely your savings won't last them a couple of years or decades.
With life insurance, your loved ones won't suffer financially because their financial needs will be taken care of.
It helps sort loans and liabilities.
Throughout life, it's normal to accumulate some level of debt, from the home loan, college debt, car debt, credit cards, or any other form of liability. If you were to die with any debt, it still needs to be paid off.
When you have the right life insurance, your loved ones will not have to worry.
Cover funeral expenses
Another obvious use for life insurance is to take care of funeral costs and burial expenses. On average, funerals can cost between $7,000 to $10,000. These costs can become a financial burden to your loved ones. The best way to ensure they don’t end up using their savings or getting in debt to arrange your funeral is to buy a life insurance policy.
Can help pay for long-term care
Many life insurance policies offer long-term care (LTC) riders. Long-term care rider allows you to receive a portion of your death benefit while you're still alive. You can use services such as home health care, assisted living, or a nursing home. However, to access this death benefit, you have to be diagnosed with a chronic illness.
LTC riders usually are available through forms of permanent life insurance.
To leave an inheritance.
Life insurance with a listed heir as a beneficiary will ensure that they receive it as inheritance when you die. It's an excellent way to set a secured financial future for your heirs. You can name one person, two or more as beneficiaries.
Life insurance is the only way to be smart, save money and truly protect your family and those that you love with peace of mind.
Whether you are looking for place to purchase life insurance or just wondering if you have the right one, Brandon Thomas Insurance Services will walk you through the process of securing a life insurance that fits your family’s needs.