Life insurance is not a fun conversation to have; however, it is a must if you want to protect your family from financial troubles after your death. When you sit down with an expert who has your best interest mind, you may find that a life insurance policy is something you both need and want. This policy will protect your dependents, legacy, and business. Federal life insurance is important for federal employees who want to ensure their family can live comfortably in their absence. Whether you are a federal civilian employee or a privately employed worker, below are the reasons to buy a life insurance policy:
Death can be Sudden
You could die suddenly in an accident or through an unexpected illness. By having life insurance, your loved ones will be able to pay the mortgage, college costs, and bills after your death. Also, it offers tax-free cash to pay estate and death duties. Planning ahead with life insurance can make things easier for your family when you are gone.
Funerals are not Cheap
Less extravagant funeral expenses can be between $7,000 and $10,000. Your family will have to face this average cost of a burial ceremony. As your family already tries to cope with a tough and emotional time, your life insurance can cover these expenses without financial burdens or further stress.
Give Protection to your Loved Ones
While you are still alive, you work hard to ensure your family is taken care of. It is just as significant to give financial support for their future living costs. After all, they will need to go without you.
You Don’t Want to Leave your Family with Debts
Your life insurance can help your dependents cover any financial responsibilities that you will leave after you die. Debt can be a serious burden, on top of the emotional toll your passing may create in your family’s lives.
Ensure your Business Keeps Going
Aside from being for individuals, life insurance can also protect your business from financial loss, liabilities, or instability when you die. Life insurance can offer necessary short-term cash or keep operations going until things settle.
Supplement your Retirement
Life insurance can be used for ensuring your retirement savings last as long as you do. You put an amount into life insurance and get a guaranteed stream of income every month, for as long as you live. This is called an annuity.