Sometimes it feels like you are paying for one too many versions of insurance. You’ve got health insurance, car insurance, home insurance, travel insurance, and in some cases, even life insurance. Because life insurance doesn’t benefit you during your lifetime, it can seem like an easy one to nix in an effort to save a little money. One less policy to renew and pay for each year, right?
However, life insurance might be one of the most important kinds of financial protection you can purchase if you have a family or dependents of any kind. Is it necessary? Not really, but it will certainly make the lives of your loved ones easier and safer in the event of your untimely death. Not only will it leave them with a substantial amount of money to live on, but it will also:
- Help them pay off any remaining medical bills from your hospitalization.
- Assist with important funeral costs, which can amount to thousands.
- Allow them to grieve without worrying about daily expenses.
- Support your children until they become self-sufficient.
- Provide for your children’s future college experience and career.
- Clear any of your outstanding debt from before you died so your dependents don’t need to take it on.
If you have no dependents that rely on your income, you probably don’t need to invest in life insurance. On the other hand, if you have a spouse or children who will need to be supported after you pass away, life insurance is extremely valuable and beneficial. Having a life insurance policy can mean the difference between leaving your family to fall into bankruptcy or live a comfortable lifestyle. A life insurance policy may seem expensive now, but you’ll be able to rest easy knowing that your loved ones will be taken care of if something should happen to you. Consider it an investment in their future, not your own.