Top 15 Reasons to get Life Insurance Mar 1, 2018Views: 300
Many people do not understand the importance of having life insurance, for one reason or another. Because of this and to stress the importance of having life insurance coverage,
Here is a list of 15 reasons you should get life insurance:
1. Protects your family from financial hardship. Some life insurance plans will replace your missing income, allowing your family to live comfortably like they are accustomed to.
2. Covers your mortgage payments. Some life insurance plans will cover your mortgage payments in the event of your disability or death. This protects your family from losing their home due to inability to make payments.
3. Covers funeral and burial expenses. The average funeral with a traditional burial can cost as much as £4257 (according to the Royal London National Funeral Cost Index Report 2017) – something many people are unprepared to pay for. If you pass away unexpectedly, life insurance allows your family to pay for the expenses without having to worry or scramble for the money.
4. Pays off your debt. Life insurance coverage will pay off your debts to relieve your family from taking on your debt. This frees your family of additional financial hardship after your passing.
5. Covers child support. If you are a parent who pays child support, your life insurance plan can provide money to ensure that your children continually get the money they need to live a safe and happy life.
6. Provides care for a dependent or loved one. If you have a dependent who required assisted living or has special needs, you can ensure that your loved one will always have access to attention and medical care, even after you are gone.
7. Your children can still go to college. With life insurance, you can guarantee that there will still be money for your children to go to college, even if you are no longer around to see it. You can protect your children’s future, long after you are gone.
8. Protect your business. With life insurance, you can protect your business from suffering financial loss or incurring instability in the death of a business owner or partner. Planning for the future of your business can determine the financial state you leave your family and business partner in.
9. The younger you are, the less expensive it is. When you are younger, life insurance is less expensive than it is later in life, and it is a very affordable option for those who start out early. Because life is unpredictable, it is never too early to get life insurance.
10. Offers tax-free income for your loved ones. Depending on the type of life insurance you buy, some plans offer tax-free income for your family or beneficiary(s) after your death. This allows them to maximize the amount of money you leave them to put toward their needs.
11. Money is accessible during your lifetime. Some life insurance plans allow you to access your benefit during your lifetime. Some plans allow you to build and protect your retirement funds during your lifetime, making the money available to you while you are still living. Other plans protect your money until after your death, so there is a plan to meet both needs and lifestyles.
12. You can leave money to your favourite charity. With life insurance, you can make your favourite charity your beneficiary, allows your money to be donated to a cause you are passionate about. This is a great option for people who want to use their money for the greater good.
13. Protects your family if you become disabled. Some forms of life insurance will protect your family and your home in the event of your critical illness or disability. This coverage will protect your family from losing their home, a problem that many people face unexpectedly. Life insurance eliminates that worry and protects your family.
14. Shows your family your love at a time when they need it most. Above all, life insurance offers comfort to your family at a time when they need it most. Planning ahead for them will show your love for them and that you were planning ahead to make sure they are always safe. This will mean so much to them at a time when they are missing you.
15. Peace of mind for you. At the most basic level, life insurance provides peace of mind for you and allows you to relax, knowing that your family will always have access to the things they need, even if you aren’t physically there to provide them. You will be able to rest assured, knowing your family will not be financially stressed after your passing.
Planning ahead for your family and loved ones offers many benefits, and life insurance that you can continue to protect and provide for the people you love, even after you are gone.
Call Shahid, a Financial Adviser at Charles Derby on 07723388009 to have a FREE initial assessment of your needs done and for a competitive insurance quote.
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