During this pandemic, a consistent question that has been asked is, “why should I consider getting life insurance?”
Let’s face it, it is a conversation that no one wants to have, however, it is a discussion that needs to happen in every home, especially when there is so much uncertainly in the world today. Of course, life insurance is a personal choice, however life insurance is often not about you, but about protecting what you hold dear to your heart. Here are four common reasons why people apply for life insurance:
1. Funeral Costs
Funerals are expensive and in today’s dollars depending on the type of service you imagine; it can set you back up to $25,000. Planning for your final expenses is something that must be done, and is your financial responsibility, not your family’s obligation – getting life insurance to cover funeral expenses can bring that financial gap.
2. Future Costs
You have worked hard for the money you have made, and if you also have a family they have also benefited from your hard work, so protecting them if something happens to you should be of the utmost importance – getting life insurance that can cover future expenses such as educational costs or retirement income should be something that should be strongly considered.
3. Property Protection
The biggest asset most people own is their home, so protecting it should be imperative. A life insurance policy – opposed to simply mortgage protection – gives you the added protection that your property needs. Think about the fact that purchasing mortgage protection shrinks the coverage as the obligation is reduced, whereas life insurance not only is designed to cover the obligation but also remains a constant in value, meaning in the event of your death, the life policy will cover the remaining amount left on your mortgage and any residual left on your policy can be paid to your estate.
4. Legacy Funds
Leaving a legacy is something that everyone needs to consider and there is no right or wrong answer as to how much or who should be in receipt of it. Perhaps there are a few special people you would like to help or even a charity you firmly believe in, life insurance can provide a financial gift based in your memory.
For more information contact Jessica Maiato, Life Insurance Sales Agent on 294-4618 to see how we can cover all of your life insurance needs.