How many of you ask yourself these questions:
Why do I need life insurance? What is the purpose of life insurance?
Though a large majority of Americans believe that everyone should have life insurance, around 40% of Americans do not own any type of life insurance policy at all.
Are you in this 40%? Do you think, “Why to get life insurance?”
If you don’t know why life insurance is important, stick around to learn several reasons why you should consider purchasing a life insurance policy.
Why is it Important to Have Life Insurance?
Life insurance is fairly inexpensive, especially if you take care of yourself. Let’s look at the reasons you should buy life insurance.
1. To Provide for Your Family
In the event that you pass away, how will your family make up for your missing income? A life insurance policy will provide them with money to take the place of your salary.
If you are a stay-at-home spouse, a policy on your life will provide the money necessary to pay for day-to-day housekeeping like cleaning, laundry, childcare, and cooking.
Don’t want to spend too much time shopping around for the right policy? Check out this website for an instant quote on life insurance.
2. To Cover Final Expenses
The emotional turmoil that your loved ones will experience upon your death is enough. You do not want to leave them with the burden of paying funeral and burial costs. These costs can easily be well over $10,000.
3. To Pay Off a Mortgage or Other Debt
Besides providing for your family, life insurance money can be used to pay off a mortgage or other debts like a car loan or credit card debt.
Get a policy big enough to relieve your loved ones of the worry of paying off any outstanding debts.
4. To Buy Out a Business Partner
Buying life insurance on a business partner is good business sense. In the event that your partner passes, you’ll have the money to buy his or her share of the business from the heirs. You’ll also have the money to pay off any of his or her business obligations.
5. To Leave an Inheritance
Naming beneficiaries in your insurance policy ensure that they will receive an inheritance. The money that exceeds what is needed for the before mentioned purposes will be an inheritance for your children.
6. To Provide for Your Children
If you still have young children at home, you may worry about their future should you pass while they are still at home. Adding additional coverage to provide money to cover a college education, a business startup, or a wedding is a smart idea that will give you peace of mind.
Will You Join The Other 60%?
Now that you’ve seen the importance of life insurance, will you join the 60% of Americans who have some sort of life insurance policy?Visit our blog for health tips to keep you living a long time and keep your life insurance premiums at their lowest.