The Importance of Life Insurance

When insurance is mentioned, most people think about health insurance, car insurance or home insurance. Those types of insurances are important to have, without a doubt. However, there is another type of insurance that should also be on the top of the list. Life insurance should be on the top of the priority list for all families. The main reason to purchase life insurance is because you have loved ones and want to protect them financially. With September being life insurance awareness month, let’s consider why life insurance is so important.
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In the event of a loss of a loved one, will your family be financially protected? Will your family be prepared for the change that the loss will bring? Besides not being able to talk to, touch or just be in the presence of that loved one again, there is another reason the loss of a loved one is devastating. If the breadwinner should pass, their weekly or biweekly income will be discontinued. How will that affect the remaining family members in the household?

Although nothing can take away the pain that is experienced with the loss of a loved one, having help to lessen the financial blow that is surely to occur can be beneficial. Life insurance is used to provide the financial comfort that a family needs to carry them through the difficult situation. Otherwise, the family could face undue financial burdens even up to financial devastation.

Here are things that life insurance can help your family with, in the event of a lost loved one:

• Medical costs and funeral/burial costs
  Day-to-day living expenses such as food, clothing, transportation, utility expenses and mortgage payments
• Debt, credit card, student loans, taxes and estate fees
• Education for children and providing for other upcoming events such as a wedding and purchase of a home
• Emergency funds for the remaining loved ones

​Although life insurance protects the family in the event of a loss, it can also provide financial support as a living benefit before a loss occurs. Life insurance can be used as an additional income stream during retirement years. Also, life insurance can help you leave a legacy to your favorite charity or nonprofit organization. In this case, life insurance can enable you to give in death more than you might have been able to donate during your lifetime.
 
Having life insurance for your family is the greatest and most unselfish gift you can give. In the event of a loss, life insurance can help provide stability and some sort of normalcy in the household. There is a peace of mind knowing that the remaining family members will be able to continue living the lifestyle that you built and established during your living years.
 
If you need life insurance to provide for your family, please contact me at 704-626-7484.