If you are young or single, you’ve probably heard your peers scoff at the idea of throwing money away on life insurance. They claim it’s not worth the price and that it’s something to worry about later on in life.
However, financial experts would have to disagree. Life insurance policies come with several important benefits and can make a world of difference to your loved ones in the event of your unexpected death. Here are four of the biggest rewards that your family (and you) can reap if you have a life insurance plan already installed.
The Insurance Will Cover Your Funeral Expenses
Ever planned a funeral or memorial service? They can be pretty pricey, and you don’t want to leave your friends and family to handle that financial burden if something happens to you. By purchasing life insurance, you’ll provide them with the funds they need to give you a proper service.
Your Medical Bills Will Be Taken Care Of
Chances are, you will probably rack up several hefty medical bills if you end up in a fatal accident or become terminally ill. Life insurance can help cover your medical debt so that it doesn’t fall on your children, spouse, or other family members.
Life Insurance Can Contribute to Your Overall Net Worth
When counting all of your assets while living, you can certainly include the cash surrender value of your policy as a part of your net worth. Therefore, you don’t have to feel like you’re throwing money away completely while you’re still alive.
Your Outstanding Debts Will Be Paid, Even After You Die
Your credit card bills, student loan payments, house mortgage, and other debts won’t just vanish after you pass away. Fortunately, life insurance can help pay off those expenses so that your dependents (a wife or husband, most likely) won’t have to deal with them.