Understand the Importance of Having Life Insurance
Buying life insurance is one of those life tasks that many don’t enjoy thinking about and tend to put off until it is too late. Life insurance isn’t just another policy, it’s part of an overall financial plan for you and your loved ones. Depending on your age, health, and type of policy you choose, it is relatively inexpensive. When you buy life insurance, you have peace of mind that you are doing the right thing for your family in the event you pass away. So, do you need life insurance? Yes, you probably do.
Here are five reasons why buying life insurance is important.
- Financially protect your family.
Whether your death is expected or unexpected, your passing creates stress for those you love most. In addition to the grief, they also have to figure out how to replace your income, especially if it is the main source of income. Life insurance is one way to replace your income in the event of your death. Family members can use it to pay the mortgage, utilities, and other life necessities so they aren’t forced to relocate or down-size.
- Protect your business.
Many business owners use life insurance as a way to protect their business from financial loss when the business owner passes away. The life insurance proceeds can be used to finalize outstanding debts and business loans, redeem stock, or provide necessary working capital so that your family and/or business partners aren’t left with additional stress and financial hardship.
- Leave an inheritance.
Some parents invest in life insurance so they can leave an inheritance for their children and set them up for a prosperous future.
- Pay for college, a home, or retirement.
You can also buy life insurance that grows in value over your lifetime and creates a way to pay for college education or other future expenses.
- Provides peace of mind.
The peace of mind you have when you buy life insurance is invaluable. You will know that you are doing everything you can to ease the burden and stress of your passing. Life insurance will help your family pay for your funeral expenses and normal living expenses so they don’t have to figure it out in the middle of grieving your loss.
If you are ready to protect your family’s well-being with life insurance, contact our office today. The team at Schechner Lifson Corporation is here to help you.