Why life insurance is an essential coverage.
While you might hate to think about it, life insurance is the best way to offer your loved ones the financial protection that they will need in the wake of your death. Don’t drag your feet when it comes to getting a policy; here are the top reasons why you need life insurance today.
1) It Pays your Debts
Your life insurance benefit can be used to pay for all of the debts and financial obligations that you leave behind. For instance, your insurance will pay for things like student loans, credit cards debts, and home mortgages. Without life insurance protection, your loved ones would be left to shoulder this financial burden on their own.
2) It Replaces Your Lost Income
When you select your life insurance benefit amount, you can secure enough coverage to make up for years of your lost income. This will ensure that your family can still pay for everyday expenses like groceries, utility bills, and child-rearing supplies even without your financial contribution to the household.
3) It Pays for Your Final Expenses
With the average cost of a funeral and burial hovering around $7,000 to $10,000, your final expenses are nothing to scoff at. Fortunately, your family can use a portion of your life insurance payout to cover the cost of your funeral and burial.
4) It Can Provide for Your Children’s Future
You can also secure enough life insurance coverage to pay for your children’s college tuitions. Speak to your agent, and they can help you calculate how much coverage to secure. Taking this step will ensure that your kids and spouse are not saddled with expensive student loans in the future.
5) It’s Cheaper When You’re Young and Healthy
Your current age and health play a major factor in determining your life insurance rates. The younger and healthier you are, the cheaper your rates will be. By securing life insurance earlier rather than later, you can lock in lower rates than you will ever have access to in the future.
These are the top five reasons why you need to secure life insurance coverage. Are you looking to find the right life insurance policy to meet your needs and your budget? If so, then contact the experts at Udell Family Insurance. Our dedicated team is eager to assist you with all your life insurance needs today.