The Importance of Life Insurance

The Importance of Life Insurance

Insurance often gets a bad rap, as many of us question the practicality of life insurance. You pay monthly for your insurance policy, and though it might seem like you get nothing out of it, in the event of an unexpected death it can be a real financial life saver for your surviving family. No one wants to think about the morbid possibility of untimely death, but it happens every day, leaving thousands of families unable to pay for funeral services or make ends meet.

If there are children who depend on your income, your death could leave them in destitution if you are uninsured. Not only will it be difficult for your surviving adult family members to come up with the money to pay for your funeral expenses, but with no one to financially support your children what will come of them? You can hope for the best and assume that family members or godparents will gladly take over the financial responsibility for your minor children, but why gamble with your family’s future? Family members may not have the means to care for your children, but a life insurance policy will ensure that your children are provided for until they are able to take care of themselves.

Single parents with no one else to rely on when it comes to providing for their children especially need to consider a life insurance policy. Even if your former spouse is still working, they will not be financially responsible for your funeral expenses. They may be able to take care of your children, but without the added benefit of your income providing for your children could become a financial struggle.

Nearly everyone has accumulated debt, whether it be from a current mortgage, credit cards or loans. Unfortunately, debt does not dissolve after you die, and your surviving family members will be responsible for paying it off. Without your income or an insurance settlement, debt repayment can financially burden a family.

Parental life insurance isn’t the only type of insurance to consider. Insuring your children is important as well. Even more difficult to think about than your own death is the possible death of one of your children. Whether they suffer from a long-term illness, or are the victim of an unexpected accident, covering the cost of the funeral is a major expense. During your time of grief, having the added hardship of financial difficulty can tear a fragile family apart. There are numerous companies out there that provide inexpensive life insurance coverage for dependent children from birth through adulthood.

If you think you can’t afford another monthly payment, the truth is that most insurance policy payments are relatively low. Ranging from $9/per month to $35/per month, you can’t afford not to cover your family. Accidents happen, and being financially prepared can make a tough family hardship easier to endure. As with any major investment, make sure you shop around to find the right policy to meet all your family’s needs. Adequate coverage for their future should be a major factor when making your decision.

After your death, your family should be able to carry on without financial difficulties, and life insurance guarantees that.

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(Photo Via: Tatjeinsurance)