Life insurance is never a conversation you want to have. However, sitting down with a specialist may show you that life insurance is not just another unnecessary expense, but something you need to ensure those you love most are protected in case of your death.
- Accident, illness and natural causes.
Death can happen unexpectedly. Life insurance helps your loved-ones cover living costs such as mortgages, bills and tuition fees after you’re gone, and provide tax-free cash to pay estate and death duties. It is a long-term investment that will make things easier for those you leave behind.
- Funerals are expensive.
Even a basic funeral can cost upwards of $7,000. At a difficult and emotional time when financial hardship is likely to occur, life insurance can cover the expenses of a funeral to prevent further stress.
- To protect those you love.
Throughout your life, you work hard to take care of your loved ones. As the breadwinner of your family, it’s just as important to continue providing financial support after you’ve gone as it may be difficult to cope without you.
- Death shouldn’t mean debt.
Most life insurance policies have cash value than can help your dependents cover any financial responsibilities that are left after your death. Debt can be a tremendous drain on personal finances, on top of funeral costs and daily living expenses, it can cause unnecessary stress at an already emotional time.
- Surprises and shocks.
Serious changes in personal health, such as the development of terminal illness, may make you ineligible for the insurance you need. Life insurance can provide you with financial support to help pay for long-term medical treatment, so it is best to invest in it while you’re healthy.
- Taking care of business
Life Insurance isn’t just for individual use but can be used to protect businesses from financial loss, liability or instability in the case of a death of a business partner or owner. Life insurance is invaluable in sustaining the business you’ve worked so hard to build.
- Supplementing your retirement.
You can use life insurance to ensure your retirement savings last as long as you do. Life insurance can be used like a ‘do-it-yourself’ pension plan in that you can invest money in a life insurance product which guarantees you stream of income for as long as you live.
- Financial sensibility.
Life insurance is a financial asset which can help with your credit rating and with obtaining loans and health insurance. Most policies have cash value, which cannot be touched by creditors, even in case of bankruptcy.
Life Insurance can enable you to leave a lasting gift to your favorite cause or charity – one that’s much larger than you would otherwise be able to donate.
No amount of money can ever replace you. More than anything, life insurance can provide protection for the uncertainties in life.