If you were to die, your spouse would be responsible for paying for the services you provide in trying to care for your family. Also, if you are a stay-at-home parent, keep in mind that the value you provide through your work with your children and at home is significant.
These expenses may be covered by the death benefit from your life insurance policy. Your family might not be able to pay the mortgage or cover tuition costs without your income. This is especially important if you’re married with children and you’re the sole breadwinner. One of the most common reasons people purchase life insurance is to ensure that their loved ones are not financially challenged if they pass away unexpectedly. Here are a few more reasons why you should have life insurance. Plus, knowing that money will be available to protect your loved ones in the event of your death will give you peace of mind over time. Life insurance can be inexpensive depending on the type of policy you choose, so there’s no reason to wait.
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Your beneficiaries are free to use the funds for whatever they want. The insurance company will pay your beneficiaries a lump sum known as a death benefit after you die in exchange for your premium payments. When your family’s resources are limited, this term insurance will help them maintain their standard of living.Ī contract between you and an insurance company is known as life insurance. Your individual life insurance kicks in when you leave your job and are no longer covered by your employer.
It’s also used to pay off your mortgage and personal loans like a car loan. It helps to protect your family by allowing you to leave them an amount that is not required to pay when you die. For many people, one of the most crucial financial decisions is to purchase life insurance. Many people are aware of it but are unsure why they might require insurance. It’s not uncommon for people to be confused by their life insurance policies.