You can never quite predict what the future holds, which is why buying life insurance is a good idea. If you can’t be there for your family, you can at least ensure that they’re taken care of after your death. Life insurance can help you prepare for the unexpected death of your spouse in Corydon, IN—no matter how old you are, having a safety net is always a good idea. Here are the reasons you should invest in life insurance now, and the types of plans available.
Why invest in life insurance?
Taking out a life insurance policy offers several key benefits, including:
- Take care of your final expenses: If you happen to die unexpectedly, there’s no guarantee that your family will be able to pay your final expenses. Funerals can be quite expensive, especially if you’ve just bought a home or had a child. If there are medical bills involved, it could devastate your family. Life insurance plans allow your surviving family members to take care of all the final expenses without impacting their way of life. We’d all love to think we’ll die at the age of 95, surrounded by loved ones and a big retirement account—but the future is unpredictable, and we have to plan for that.
- Set your children up for financial stability: If you have children, your life insurance policy can ensure their financial stability. Whether it lasts through their childhood or you’re able to pay for their college, they’ll appreciate that you took the time to care for them even after death.
- Buy your family some time: In many cases, when the family breadwinner dies unexpectedly, the family is thrown into financial chaos. Life insurance provides cash when they need it most—so if a stay-at-home parent needs to suddenly find a job to pay the bills, they might have a few months of mortgage payments and groceries before they have to worry.
Types of life insurance plans
There are two main types of life insurance policies: term life and whole life insurance. Term life insurance provides coverage for a fixed period of time, usually in decade-long increments. If you get it early, you can lock in a cheaper rate for the rest of your life. This is generally considered the simplest and least expensive way to provide for your family after your death. The premiums might increase a bit as you age, but it should be cheaper on the whole.
Whole life insurance lasts for your entire lifetime, and has savings associated with it. The cash can either be invested or borrowed during the policy holder’s lifetime, so it’s possible that your beneficiaries could end up with a significant chunk of money when you pass away.
Deciding which type of life insurance policy is right for you depends on your individual circumstances. Talking to your insurance agent can help you prepare for the financial shock of a dead husband or wife in Corydon, IN. Call Harvey Sarles Insurance Agency today to learn more.