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.
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 life insurance needs can change over time based on factors like your stage in life, financial goals, and personal priorities. At CommunityAmerica Insurance Agency, our agents can help you determine the right amount of coverage and guide you through the process of putting it in place. Whether you're securing protection for your loved ones or planning for the future, we’re here to help. If you'd like to get in touch with an insurance advisor, call 833.202.9595 or request a quote online:
