Most people know that life insurance is a must. However, there are still many people who go without life insurance. Although it might seem like you won't die anytime soon, you should have it. Here are three reasons that life insurance is the best way to financially care for your family.
1. Life Insurance Is A Pay On Death Policy
When you pass away the life insurance will immediately be given to your beneficiaries. For instance, in your policy you will name a primary and a secondary beneficiary of the policy. When you pass away, this person will get the money right away.
Even if you have a retirement fund or a solid financial situation in your will and estate plan, there are still problems. For example, a will must go through a process called probate. Depending on the type of the will and if anyone contests it, it could take your family months or even years to get the money that you set aside. With life insurance there is no waiting period. This is why it is the best choice.
2. Debt Doesn't Die With You
In most cases your debt will not die with you. This means that even if you have a good savings for your family, there is a good chance that those savings will go to pay off any debts that you might have. Don't think that if you pass away all of your consumer debt will be forgiven. Instead, if could be passed on to your spouse or family, depending on the type of the debt.
A life insurance policy is a great way to make sure that your family can pay off all of your debts. They can use the money to take care of all of your expenses so that they don't have to be haunted by your finances even after you pass.
3. Life Insurance Is Affordable
What many people do not understand is that life insurance is incredibly affordable. For just a couple dollars a month you could get thousands of dollars in life insurance.
The way they calculate the life insurance is based on your age, health, profession and other factors to predict your life expectancy. If you get the life insurance while you are young and healthy you will pay less money than if you wait later in life. But still, someone who is not in the best of health, or has a high-risk profession, still can get an affordable plan.
For these reasons, everyone should have life insurance coverage from a place like Trent Insurance Group Inc.
Insurance is something that I carry in the hopes that it never has to be used. Along with life coverage, I also have low cost auto insurance and a health plan through my employer. I'm toying with the idea of adding some additional coverage, just in case something happens and I'm no longer around to take care of my family. The question that is on my mind is how much insurance is enough? Do I really need more, or would it be better to cultivate other assets that my loved ones can draw on if needed? If you are in the same boat, let's journey together for a while. Read on and I'll explain what I'm trying and why. Together, we can figure out when it is time to add more coverage and when enough really is enough.