If you are one of those people who think that you don’t need life insurance or that buying a life insurance policy is just waste of money, think again. There is no one single reason or benefit that may compel you to buy a life insurance policy. There are many. Remember that the money generated by your life insurance policy when you finally go 6 feet under can address a number of fundamental needs for your surviving family.
Why you should buy life insurance… our “Top Ten List”
10. To Protect Your Family.
In case you lose a job or change jobs that provided life insurance.
9. To Pay for Funeral Expenses, Loans or Any Outstanding Debt.
Final expenses can easily run into thousands of dollars. Any loan or outstanding debt that is not being paid during your lifetime can be paid off with life insurance money.
8. To Cover Your Childrens’ Future Education Expenses if You Are Not There to Provide.
Like all parents, you want to make sure that your children get a quality college education and for this, you need additional coverage until your kids are big enough to earn on their own.
7. To Provide Funds for Your Family to Pay Off a Home Mortgage.
What if your family cant afford to pay the mortgage when you are not around anymore?
6. To Protect a Business by Buying Deceased Partner’s Shares.
It’s important to take out life insurance on every person who is involved in a partnership business. Consider reading our article on the buy-sell agreement. The reason being that if one partner dies, the other will have enough cash to buy his interest from his heirs and continue running the business without having to sell the company itself. For more information read our article on life insurance for business owners.
5. To Set an Example of Responsibility and Family Values for Your Children.
Giving a financial security and an umbrella of protection to your family is a wise and responsible act.
4. To Provide Child Care or Elder Care for Aging Parents if the Top Caregiver/Provider Passes Away.
Life insurance provides the much-needed money for child care and elder care if the main breadwinner of the family happens to pass away.
3. To Provide Peace of Mind for Your Loved Ones in Uncertain Financial Times.
No one can predict the future. But having life insurance policy means that you and your loved one are prepared for any eventuality.
2. To Help Pay Estate Taxes.
Estate and inheritance taxes can come up as a big financial expense so having life insurance policy in place is essential to avoid jeopardizing any assets or funds built for retirement. People usually use permanent insurance for this purpose.
1. You Do it For Love. To Insure those You Love the Most by Leaving Them a Legacy of Your life.
You work hard and make sure your family leads a happy life. So why not give them this security of leading a happy life even if you are not there anymore to provide for them?
Life insurance is not a scam. It’s a protection that your loved ones need. Do you have a life insurance protection? Why or why not?
If you would like to share a reason that made you buy life insurance, please leave a comment below and spread your word.
If you have any questions, please leave a comment below. You can even visit our life insurance quotes page to see what we can do for you.
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