You can’t plan for every eventuality in life, but you can definitely try! Our financial state isn’t something we have to worry about in life – it’s also a concern in death.
In order to protect our families and loved ones from damage, a life insurance policy is all but a requirement. If you’re still on the fence, here are several reasons why taking the plunge would be a good idea.
#1 You can make a charitable donation
If you have continually supported a particular charity throughout your life, that doesn’t have to stop upon your death. In fact, it can carry on as before! Life insurance allows you to donate a chunk of your savings to any given charity.
#2 It’s generally a cheap monthly payment
Life insurance isn’t really that cheap, either. There are a ton of places to get quotes, such as Gocompare.com, and you’ll be surprised at the cost. Plus, unlike some savings accounts, there are no additional fees for saving.
#3 Protects anyone who relies on you financially
Whether you’re a single parent or a nuclear family, there is bound to be someone who depends on you financially. Life insurance helps them stay on their feet if you pass away suddenly, and lets them carry on their lives in as normal a fashion as possible.
#4 Pay off the mortgage
Mortgages aren’t cheap – that goes without saying. If you still have an unpaid mortgage at the time of your death, your life insurance policy prevents your family from having to deal with it alone. They will be stress free, and your policy will have paid off.
#5 Covers funeral costs
Funerals aren’t cheap! Far from it. Your family may want to give you a proper, hearty send-off, but financial limitations can hold this back. Luckily, you invested in a life insurance policy, and the hefty sum that it takes to produce a decent funeral can be covered.
#6 Tax free benefits
Your personal life insurance policy provides a tax free sum to your chosen beneficiaries upon your death. This is unlike other savings methods that may charge a certain amount of tax.
#7 Shields you from rising healthcare costs
The costs of healthcare, around the globe, are on the rise. If you become ill and you aren’t covered, you may struggle to get help financially. However, if you have a life insurance policy in place, you don’t have to fret; you’ll be covered!
#8 Retirement planning
The worst thing about retirement is how quickly it halts your income. It can be tough to go from a full salary to a small savings pot, but life insurance can give you that boost you may need. There’s plenty of information on how to plan for a good retirement, such as content.time.com, and every source agrees on this one thing, life insurance helps.
#9 Your family won’t have to sell the home if you die
If you die without life insurance, your family and loved ones may have to sell the family home to make ends meet. They might even have to sell other valuable items, such as family heirlooms. Life insurance protects your family from having to part with things they’d rather keep.
#10 Clear your debts
Whether it’s credit card debt or loan, your loved ones won’t have to worry about paying them themselves. Your policy will more than make up for any debts that you may have incurred.