There are very obvious reasons for investing in life insurance – namely the fact that you have peace of mind knowing it can replace your income if you die before your dependents.
Here’s why it can be one of the best things you do for your family:
- To Protect your Family & Loved Ones
Your family depends on you for financial and emotional support, so it makes sense that life insurance is in place as it replaces your income should you die prematurely. This is particularly important for parents of young children and those who would find it difficult to maintain their standard of living should they no longer have access to your income.A lot of clients ask us if they need life insurance. Remember that life insurance is not just in the event of your death – it can also cover you if you become permanently disabled or should you suffer an illness and can no longer work.
- To Leave an Inheritance
You can create an inheritance by having life insurance and naming your dependents as beneficiaries. It can set up a good financial future for your children and provide for their future security including education costs that will arise.
- To Pay Off Debts & Other Expenses
Your family will be left with covering your outstanding debts, like the mortgage, credit cards and any other personal loans. This is in addition to everyday living expenses and other expenses such as funeral and burial costs which can add up very quickly. Why would you leave the financial burden to your spouse and dependents on top of the emotional burden?
- To Provide For Your Children
Most parents want their children to be well taken care of when they are gone. You may want to assist in supporting them through university or educational studies, buying a home, starting a business or helping them with their wedding expenses. For these reasons, additional coverage is essential while your kids are still at home.
- Peace of Mind
No amount of money can replace a person, however, life insurance can help to provide protection for the uncertainties in life. It can bring your family peace of mind, knowing that ongoing living expenses and debts can be taken care of. At such a difficult time, where human loss is being experienced, just being able to know that your family will be taken care of is just what you want and what they need.
Don’t delay, talk to us today about getting your life insurance in order.
This information is of a general nature only and has been provided without taking account of your objectives, financial situation or needs. Because of this, you should consider whether the information is appropriate in light of your particular objectives, financial situation and needs.