Life insurance is a topic that most people don’t want to talk about. Even though it’s uncomfortable to think about the prospect of not being here anymore, it’s important to have a plan just in case. Purchasing life insurance is one way you can ensure you and your family have something to count on in case of terrible circumstances. Here are the most important reasons why you should purchase life insurance right now.
One of the biggest reasons people have life insurance is to cover the cost of burial expenses. Thinking about funerals, burials, cemetery plots, or cremation services isn’t pleasant. But the reality is burial expenses are ridiculously expensive. When a loved one passes away the worst thing surviving family members can be saddled with is tens of thousands of dollars of burial costs. A good life insurance plan will cover most or all of your final expenses and let your family grieve in peace.
Another practical reason why life insurance makes sense is to cover any unresolved debt, such as credit card balances, mortgages, student loans, car payments, or other obligations. Today, more people than ever carry large amounts of debt throughout their lives. If you or your spouse passes away, there’s a chance that this debt could be passed on to family members. If you have adequate life insurance coverage, you can avoid this frustrating and stressful situation.
Support for the Children
Most experts recommend new parents purchase life insurance if they don’t already have a plan once a baby is born. Life insurance is a necessity if you have children to take care of. In the event a parent is lost, children don’t have to have financial troubles if there is a good life insurance plan in place. Today, the cost of raising children is higher than it’s ever been. If your children are only left with one parent, a life insurance policy can help pick up the slack. Think about the cost of daycare, clothes, food, books, and college tuition that will need to be covered.
Besides helping support children, life insurance can also help support the widowed spouse. For most people, dual income is required to keep a household afloat. When one income is taken away through the death of a spouse, it can make it even more difficult for the survivor. Your life insurance plan can help your spouse cover day-to-day expenses and sustain the regular household routine. Talk to your local Cleveland life insurance agent for more information.
Finally, the best reason it’s important to purchase life insurance as soon as possible is to help take advantage of potential savings. If you purchase your plan earlier in life when you are healthy and fit, you stand to save thousands of dollars down the road. Some people wait until they’re much older or are facing an illness to purchase life insurance. At that point, the cost of life insurance is much more prohibitive, leaving room for little else in the budget.
It’s not a pretty subject, but life insurance is a required element in today’s lifestyle. Talk about your options with your insurance agent to figure out what coverage makes the most sense for you and your family.