9 Reasons Why You Need Life Insurance
It is common to hear unfortunate stories every day about people dying from heart attacks, car accidents or in other unexpected and sudden ways. What would happen if this were you? For people who have family members they would leave behind, the biggest concern is usually what would happen to them? Unless a person has life insurance, survivors could be left in a difficult position. There are 9 very good reasons for purchasing life insurance, which include the following.
Reason #1: Debts
Nearly every person has at least one or two debts. For those who have considerable amounts of debt, it is important to think about who will pay these debts after death. Surviving family members would otherwise be left to pick up the tab. With the loss of one income, they will already face difficulties, but debts only worsen those problems. Many surviving family members lose their homes or vehicles after the death of a main earner without life insurance.
Reason #2: Lifestyle
Many families have traditions and hobbies, but these lifestyle activities may be sacrificed if a main wage earner dies without life insurance. For example, vacations, holiday trips, memberships to sporting clubs and funds for other hobbies will be eliminated or severely limited.
Reason #3: Life Necessities
When most people think about life insurance, they forget topics such as college. Losing the only income or even a supporting income can affect how much is saved toward college funds. Life insurance can provide enough to fill those gaps.
Reason #4: Emotional Stress
Surviving family members will likely have sleepless nights, stress and may even experience depression. Many people have a difficult enough time overcoming their depression that they require counseling or medication, and these needs cost both time and money.
There are several legal issues to consider after death. A person’s estate is often subject to probate proceedings, which will leave assets tied up or at risk. Life insurance will provide tax-free money to survivors to handle expenses and live on during this difficult period.
As parents or other family members age, it is important to think about who will care for them. Retirement benefits are disappearing, and nursing home care is not always the best option. People who are planning for life insurance should also plan to provide for their aging parents if applicable.
Child care expenses are an issue for both working and non-working spouses. If a non-working spouse dies, the working spouse will either have to take time away from work or hire someone to take care of the children. If a working spouse dies, his or her income will need to be replaced to provide for the children. Medications, medical care, clothing and everyday supervision are all-important expenses to consider.
Everyone wants to be remembered after death. For every person, this is something that will be different. Whether a person wants to leave a sizable donation to a charity or just provide sufficiently for his or her family, life insurance is the best way to do that.
Life insurance is important for both spouses in a family. One may buy life insurance and think the other will take care of surviving children. However, if the other spouse also dies shortly afterward, this could leave children and next of kin with major problems.
Any person who is eligible for life insurance should buy it. It is better to buy it at a younger age or while a person is still in good health. Premiums are small in comparison with the high costs survivors will pay for an untimely death of a main income earner. Since nobody is guaranteed tomorrow, the best time to start shopping is now. To learn more, discuss concerns with an agent.
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