Top 5 reasons everyone should have life insurance

by REINA CARRILLO

Life Insurance is one of those things that just about everyone needs but far too few actually have. It’s easy to put off purchasing a life insurance policy. Everyone has car insurance to cover their car because it’s mandatory. People get phone insurance just in case they break or damage their cell phone. Individuals get health insurance to maintain their health or if something were to happen.

5 reasons everyone should have Life insurance:

Q Replace Lost Income W Cover Burial Expense E Payoff Debt R Build Cash Value T Leave A Legacy

Life insurance works to provide financial security to your loved ones after you pass away. You have to consider what would happen if you were to die suddenly. This is especially true if your loved ones rely solely on your income. Get yourself ample coverage. That way, you won’t leave your loved ones helpless when the monthly bills come around.

Basic funeral services can be around $15,000 plus. While it’s possible to pre-pay for your funeral, people don’t often think that far ahead. Pre-payment can ensure everything is in place for your loved ones after you die. Prepaid funerals are only for funeral services but there is no left over money for your family. Life insurance can give you and your beneficiaries more of a guarantee, lifting a burden off of them as well as yourself.

In the instance that you and your spouse have co-signed for a mortgage or other loans, your spouse may become entirely responsible for repayment. The other outcome could result in creditors trying to collect from your estate. While that gets rid of your debts, your heirs will receive the depleted remainder. Life insurance allows those you leave behind to take care of any lingering financial responsibilities. If you’re a homeowner please get a trust so your home will not go into probate; it’s important to protect your family.

Term life insurance is a type of life insurance that stays in place for a set period of time. But another option, Permanent life insurance, provides permanent coverage that only ends if you cancel the policy. Whole life insurance or Index Universal Life Insurance allows you to build up cash value over time. That cash value acts as an extra cushion that you can tap into at any time after the surrender year. This may come in handy if you have a financial emergency down the road.

Lastly, having Life Insurance gives you the opportunity to leave a legacy to your family or business to make sure their financial future is protected. Having Life Insurance in place helps your beneficiaries receive a lump sum of money when you die. That way, you know you’ll be passing on the full value of your estate to your heirs. Many of us dream of leaving an impact on our loved ones and communities that will carry on long after we’re gone. t