3 Reasons Why You Should Have Life Insurance
To better understand why you need life insurance, consider these three important reasons for making sure your loved ones are covered:
1. Debt Coverage
If you have a mortgage or other debt, you'll need to think about how your family might continue to make payments if you were no longer there to help them. Depending on the term of your home loan, it could take up to 30 years to pay off. A life insurance policy could provide the resources your family needs to make monthly payments, or pay the balance off in full, in order to keep a roof over their head. Your coverage could also help pay down credit cards, student loans or other debt, such as unpaid medical bills, that would still need to be paid after death.
2. Final Expenses
Funerals and burials can cost thousands of dollars. It’s a common misconception that final expenses are only for a casket and flowers. In fact, final expenses can also cover things like worktime leave, emergency fund replenishment and even transporting family members to funeral services. Making sure these expenses are covered would leave your loved ones with one less thing to worry about in the midst of grieving.
3. Income Replacement
The question of how the potential absence of an income would affect the lifestyle of your family is an important one to consider when planning your policy. Covered lifestyle expenses extend to making the decision to stay home or go to work, adjusting to a new normal and maintaining your family’s standard of living. Both people in a partnership should have a policy in place that takes into consideration what the other would need in the event of a loss of income or other household contributions, such as childcare.
Your policy needs in these three key areas can fluctuate based on a variety of factors, such as where you are in life and your personal priorities. Our life insurance advisors can help you determine how much coverage is enough and walk you through the steps to put it in place. If you are interested in getting a personalized life insurance quote, contact us at 913.905.7795 or toll free at 833.202.9595.