Walking from Washington D.C to Manhattan is easier than convincing people to get good life insurance. Why? They believe they are not getting anything out of it; dead people can’t benefit. But should it be all about you? Sure, you have a family you care about and wish to make things easier when you pass.
Having good life insurance ensures that your death does not cause a financial burden on your family. Your children who are still dependent on your income won’t have to seek financial support when you pass away. People won’t have to contribute towards your funeral expenses.
There are so many reasons you should have a life insurance. Let’s get into details. You might have a changed mind by the time you are done reading it.
Why you should have good life insurance
So, while you may not want to hear someone talking about your death, it’s a necessary discussion.
Serious financial mistakes people make
People die every day. Sometimes nature gives them the time to put things in order. Other times, it’s sudden, untimely. We don’t know the hand we will be dealt. Even seers can’t see that far.
But you can plan for unforeseen contingencies. You can arrange to give your family a soft landing from the rude shock. You can plan to protect your business from going underwater.
Here are the benefits of having life insurance:
Protect Your Family
Leaving life to chance by not having the right life insurance could take your children straight to the orphanages at your demise. Your extended family members might not be able to take care of them since they might have children in their homes.
If you have a partner, think of the stress they would have to go through without support from anyone. Every day will be a financial struggle because they have to take care of themselves and the children alone.
Life insurance can take care of your children until they are old enough to fend for themselves. Or, it buys your spouse time to adjust to the current situation and start making plans for the new life ahead.
Your spouses can use the money from the insurance to pay the mortgage, rent, daily living expenses, college funds, and lots more.
Debt repayment
You might have debts in the form of a mortgage, credit cards, which you won’t be able to pay before passing.
If you don’t have life insurance to repay these debts, the lending company might come for your properties. They will sell any asset you might have before death to pay the loans. And might even sell it far lower than the value because they are desperate to get their money.
It would mean no properties for your children and family members to inherit. Good life insurance can save you from embarrassment.
Provides immediate cash
You can set the policy to ensure your family gets assured with a particular amount of money immediately after your demise or when there is an exact need to meet. The good part is that this money is not subject to federal income taxes.
Covers everyone
Life insurance is not only for adults. It’s also important to insure your children. Now, it might be terrible to think of the passing of one’s child, but it does happen.
Insuring your child will ensure you don’t have to start thinking of where to get money for the funeral. Think about what it could do to one’s mental health when grieving about their child’s death and wondering how to raise funds for their funeral.
You can get your child insured from birth to adulthood. Either get them personal life insurance or ask your insurance provider if they can add your child’s coverage to yours for some amount of money.
Most people avoid life insurance because they think it’s expensive. But it’s not. You can get a life insurance policy from $9 to $35 per month. It could be anything within that range, depending on your age, medical history, and other factors. You can afford it if you understand its importance.
Before buying a policy, please do your research to ensure you are getting the right one to serve its purpose. You don’t want a policy that will make you think it’s all fake.