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Seven Ways Life Insurance Can Protect You and Your Family
Writer • July 19, 2021
Young and healthy adults rarely think about the possibility of dying, which is why many of them don’t carry a life insurance policy. But regardless of your age and overall health, you can benefit from buying life insurance.
Additionally, the longer you wait, the more expensive buying a life insurance policy can be. Continue reading to learn a few of the top life insurance benefits:
- Replace lost income: Your spouse and kids will be in a tough spot financially if you pass away suddenly. This is especially true if you were the only one in your family working at the time. The top way to ensure your family is secure is by getting an adequate policy that’ll cover monthly expenses for a while.
- College planning: Ideally, you already have a small nest egg set aside to help pay for your child’s college education. But if not, a life insurance policy can help. The policy might not pay for their full college costs, but it’s a good starting point to help avoid borrowing tens of thousands of dollars.
- Cover burial expenses: Funerals aren’t cheap—even the most basic service can cost a few thousand dollars. One of the often-overlooked life insurance benefits is that the policy can pay for funeral expenses. Your family won’t be impacted by that massive financial burden if you have adequate coverage.
- Pay off debt: Your debt doesn’t just go away once you die. Instead, your spouse will be the one who’s responsible for paying for your co-signed mortgage or any other loans you might have. Give them the peace of mind that comes with knowing they won’t have to pay all that off by signing up for a life insurance policy today.
- Business planning: If you own a farm or a business, you likely want to see your children take the reins someday. The best way to guarantee that happens is by signing up for a life insurance policy. Life insurance policies can help cover any taxes your family might owe related to your company.
- Estate taxes: Taxes can be pretty hefty for anything you pass on to your children or spouse. Instead of leaving them hanging, invest in a life insurance policy that can cover those taxes. Talk to your agent about how much coverage you need to foot the entire tax bill.
- Current financial emergencies: Term life insurance and whole life insurance are your two life policy options. Whole life insurance builds value over time and allows you to cash out a portion of it while you’re alive if needed. These funds can be used if there’s an emergency and the rest of your savings doesn’t cover the cost.
Talk to Harvey Sarles Insurance Agency today
Because life insurance policies get more expensive the older and less healthy you are, now’s the time to act. Ensure you get the lowest rate and the best coverage by calling our team at Harvey Sarles Insurance Agency right away. We guarantee you won’t find better coverage anywhere else.
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