The reasons for purchasing life insurance are deeply personal. Loosely explained, it is a way to protect loved ones and financial dependents against potential loss. Ultimately, though, only you will know your unique motivations for purchasing a policy. From funeral costs to long-term financial security, the following are seven top reasons why life insurance could be right for you.
Replace Lost Income
If you are a primary source of income for your family, life insurance can help you replace those funds in the event of your passing. Term life insurance, for example, can offer hundreds of thousands – or even millions – of dollars in death benefits should an individual insured die within a specified period of time.
Pay for New Household Expenses
Even if you do not earn income for your family, your household could incur new financial burdens due to the loss of the services you provide as a caretaker or homemaker. Life insurance benefits can help pay for new household bills, such as daycare costs, nanny fees, or maid service expenses.
Pay for Final Expenses
It’s no secret that the cost of a funeral and burial can total $10,000 or more. For many households, this kind of unexpected expense can result in years of financial debt – an added burden during a time of grieving. With life insurance, you can affordably protect your family with a policy that can help cover your final expenses.
Pay Off Debts
Most U.S. households carry some type of debt, from mortgage and car loans to medical bills and credit card balances. These obligations can add up to thousands of dollars per month in payment responsibilities – money your surviving family members may struggle to pay after a loss. Be sure to consider your current and future debts when determining how much and what type of life insurance to buy for your household.
Fund a Major Expense
What are you saving for? Whether you are hoping to put a child through college, pay for a big vacation, or build a nest egg for you and your spouse’s retirement, survivors should not have to give up their dreams after the loss of a loved one. Consider the cost of major future expenses and how much money your family could need to cover the costs in the absence of your current income.
Fund Your Financial Legacy
Do you dream of leaving an inheritance for your children? Do you wish you could make a positive difference in the world even after your passing? Whether you direct survivors to set up a foundation in your name or set up a trust for children and grandchildren, life insurance can help you achieve those dreams if you are unable to do so while living.
Provide Living Benefits in the Future
Who says you cannot enjoy the benefits of life insurance while alive? Talk to your agent about permanent life insurance policies that accumulate cash value and can provide financial benefits with tax-free growth in addition to traditional death benefits.
Navigating Your Insurance Options
With so many different insurance options and benefits, it may be difficult to determine which type of coverage – and how much – is right for your family. Whether you are young and thinking of starting a family or an empty nester preparing for the next phase of life, the team here at Billy Brown Insurance is happy to provide support and guidance. Not to mention, life insurance can be surprisingly affordable when you shop and compare coverage options through an independent insurance agent.
You will find that the staff at Billy Brown Insurance is not only friendly and knowledgeable, but we are also insistent on finding the right coverage and the best value in life insurance.
No matter your stage of life or long-term goals, we can help you explore life insurance options and find a solution that works for you. Contact our office today for your free quotes. We look forward to serving you soon.
