Over the years, I’ve met a few people who don’t believe in the value of life insurance. If you’re still on the fence about this and not 100% sure you should be comparing life insurance quotes, here are 7 points to consider:
- You can die suddenly and without warning.
Whether it’s caused by an accident, an unexpected severe illness or perhaps even natural causes — death can happen anytime and often, unexpectedly. Life insurance will ensure your bills will be paid, your loved ones will have the financial resources they need to live on, and even pay for your kids’ college expenses when you’re gone.
- Funerals cost an arm and a leg.
Nowadays, it’s not at all surprising to hear about simple funerals costing anywhere between $7,000 and $10,000. Your life insurance can cover these expenses and spare your loved ones from the added burden.
- Debts can become a huge problem for your loved ones.
The emotional toll that a death in the family creates is already a big burden for anyone to handle. When you put unpaid debts in the picture, it can really drain them emotionally, physically and financially. Life insurance will cover any financial responsibilities that you leave behind when you die.
- Life insurance can protect your business.
Life Insurance isn’t just about protecting your loved ones financially when you die, although that is the biggest reason people buy these policies. But it can also protect your business (if you have one) against financial losses and instability. It can provide needed short-term cash and keep operations running until everyone has had the chance to recover from your passing.
- Use it to supplement your retirement.
Planning for your retirement should be done while you’re young and in this regard you need to make sure your retirement funds last as long as you do. An annuity is sort of like a pension plan — you put a certain amount into a life insurance product each month and in return you get a definite stream of income monthly for as long as you live.
- It is a good investment.
Considered a financial asset, life insurance can help boost your credit and enable you to get a loan. Many policies also have cash value that cannot be touched by creditors even when you file for bankruptcy.
- You’ll have peace of mind.
While it’s true that no amount of wealth and material possessions can ever replace a person, at the very least, preparing for your passing will ensure that you have the protection you need to deal with life’s uncertainties. As mentioned earlier, there’s no way to know for sure when you’ll die. Death is inevitable but we simply do not know when it’ll come. Instead of worrying day in and day out about what will happen to your loved ones when you leave this world, why not get a sufficient life insurance coverage so that you can have peace of mind knowing that your loved ones will be taken care of when you’re no longer around?
Hopefully, these are good enough reasons to convince you to purchase life insurance.