One of the most important purchases that you can make is life insurance, mostly because of the various ways in which it can provide for and protect your family once you have passed away. Listed below are two reasons to purchase life insurance.
Protect Your Family's Assets
One of the biggest reasons to purchase life insurance is to protect your family's assets. For example, if you were to pass away before your home is completely paid off, there is a chance that without your income to support the family, your spouse or children would have to sell that house or end up having the house foreclosed on because they couldn't make the payments. At that point, your family's lifestyle could be dramatically compromised, and they could very well end up struggling to find a decent place to live.
Another way that life insurance can protect your family's assets is when it comes to your funeral expenses. Even a pretty basic funeral is going to be quite expensive, especially when you consider the cost of everything from the casket or urn to the burial service itself. This can be a substantial strain on your family's finances, but the money provided by your life insurance can actually pay for your funeral costs so that your family does not have to worry about paying for the funeral while also grieving for you.
Protect Your Family's Inheritance
Another reason to purchase life insurance is to protect your family's inheritance. The primary reason for this is that there are some debts that will need to be paid out of the assets that you leave behind when you pass away, such as estate taxes and certain types of debts.
In that situation, your family will only get a share of your estate after those debts and taxes have been paid, which can often leave them with quite a bit less money than you were planning when you created your will. However, your life insurance policy can provide enough money to offset those debts and taxes so that your family gets as much of your estate as possible after you have passed away.
Speak to a life insurance company today in order to discuss the various reasons that you should consider purchasing life insurance and the benefits that life insurance can provide. You should purchase life insurance because it can protect your family's assets and your family's inheritance.Share
8 June 2017
I have worked hard to teach my kids the true value of a dollar. My kids know very well that financial security only comes with a lot of careful planning and good decision making. At what age do you begin teaching kids about financial planning? Is there anything that you can do to ensure that your kids know and understand the importance of learning about the true value of a dollar? Our family's blog will help you gain a good understanding about teaching kids about money and how to prepare for their future lives as adults raising a family of their own.