Life insurance is tailored to replace your income and maintain the current standards of living in the event the insured dies. Many people overlook the benefits of life insurance and end up not taking any measures to secure their loved ones.
Basically, if someone will suffer financially when you pass on, then chances are life insurance is exactly what you need. The money that the beneficiary will receive is called as the death benefit and will help your family meet financial obligations with ease. Here are reasons why you should have life insurance.
1. Because you love them.
Life insurance benefits those you leave behind. It is the best gift you will ever give your family or loved ones by choosing to do something that is entirely in their interest and has nothing to do with you. The unselfish motive of life insurance has all the qualities of love in it.
2. Covered expenses.
Death comes with expenses, like the funeral expenses that have to be borne by the bereaved. You can take this burden off their shoulders with a life insurance policy which will take care of all funeral expenses that may arise.
3. Financial security.
Your family is currently dependent on you to provide for them because you are either working, have a business, or you are on pension if you are retired. In the event that you die, your family will have to live on and still maintain the standards they had when you were alive.
This is only possible if there is a steady flow of income coming in even after you have died. Life insurance supplements the income of the deceased to ensure that the bereaved is able to meet financial obligations of day to day living. College fees and other expenses can be taken care of by the money that the bereaved will receive. As a rule of thumb, a good life insurance policy should provide 10 times your annual income.
4. It is affordable.
Forget the myths that surround insurance which make it seem expensive. Life insurance is in fact cheaper than all other types of insurance policies. The monthly premiums are even less costly than most cable television bills. Getting an accurate quote is fast and easy. Many are surprised by how affordable life insurance is and even take that opportunity to increase their coverage.
It is better to get your insurance coverage now because typically the older you get, the more the premiums cost. Some policies require a medical exam, some do not. Your agent will work with you and your specific needs to find the best policy for you. The best time is now.
5. Tailored to cover debts.
Life insurance is tailored to cater for any outstanding debts that you leave behind; making sure that this is not passed on to your loved ones. There is no limit to the type of debt that you leave behind, be it a simple bank loan or a student loan, life insurance has the beneficiaries covered.
There is much more to lose for any one that has not secured their loved ones with life insurance. The piece of mind that you will give the bereaved is priceless if you make the decision to buy a life insurance policy now.
We will be more than happy to give you advice on a policy that suits you best in line with the needs of your family. All you have to do is to give us a call or click here for a fast, free quote and our professional financial advisers will walk you through the simple process of getting your life insurance.