4 Reasons You Need Life Insurance
Oftentimes, people avoid signing up for life insurance because they don't want to think about their own mortality. Unfortunately, avoiding the topic of life insurance because it makes you uncomfortable means that if you unexpectedly pass away your family will suffer financially much more than they need to. Discussing, researching, and signing up for life insurance in a straightforward way can eliminate the discomfort and actually improve your peace of mind. Here are four reasons you need life insurance:
Life Insurance Will Pay for Your Funeral Expenses
If you die unexpectedly, your grieving family will have to come up with money for your funeral, adding additional stress to their mourning. With the average funeral costing several thousand dollars, it will give you and your family peace of mind to know that this expense can easily be paid out of your life insurance.
Life Insurance Can Ensure an Inheritance
Even if you earn a modest income and don't have a lot of accumulated wealth to leave your loved ones, a life insurance policy can ensure your loved ones receive an inheritance. Depending on how large of an insurance policy you have and who you designate as the beneficiaries, this can mean your kids or grandchildren have their college educations paid for, or your spouse can pay off your house and no longer have to worry about a mortgage.
If you would like your life insurance money allocated in specific ways, it is a good idea to set up a will with an estate attorney that goes along with your life insurance.
Life Insurance Can Pay Off Your Debts
Not all debts are eliminated by death, and in some cases your spouse or other family members may be on the hook for medical bills or loans. This will prevent your family from experiencing financial hardship and unmanageable debt in the unlikely event that you pass away.
Life Insurance Provides Time to Grieve
Knowing that they have life insurance money to fall back on can help your family by giving them breathing room to grieve. Instead of needing to immediately return to work, for example, your spouse would be able to afford to take months of to seek grief counseling and get the household affairs in order.
The best place to start is to call for free insurance quotes, such as from Woodmansee Insurance Inc. You may also want to work with a dedicated life insurance agent to go over all of your options.