Five Reasons a Life Insurance Policy Is Needed Today

junio 19, 2014 · Imprimir este artículo

Five Reasons a Life Insurance Policy Is Needed Today
By Mike Valles

Life insurance is a great tool to help ensure the family’s financial future. It really is not an option. Here are 5 reasons why every family should have it.

Life insurance provides a powerful way to prepare the family financially in the event that the breadwinner is no longer around. There is no time like the present to get a quality policy and ensure that the loved ones are going to be financially secure.

Here are five reasons why life insurance should be considered a necessity in today’s high-cost world.

Immediate Needs Are Resolved with a Life Insurance Policy

Because one never knows when the benefits of a life insurance policy may be needed, it is a good idea to always be ready. Life insurance can provide money for immediate needs such as living expenses, for the costs of health care if there was an accident or illness previously, funeral and burial costs, and other expenses that may be needed right away.

Debts Can Be Paid Off from Life Insurance Benefits

A large benefit of having a life insurance policy is that it can enable all debts to be paid immediately. This can be especially useful if there is only one income and there are mortgage payments, credit card debt, car payments, health insurance payments, and more. The insurance benefit can pay all of the debt immediately, bringing relief to the family’s financial needs and providing security.

Another serious need to prepare for is that there could be estate taxes, as well as the annual taxes on any real estate owned. Money from the estate could be a long time in coming (possibly up to three years) and the property taxes, home insurance, utilities, and maintenance will have to be continued until then, as well as normal living expenses. Money from a life insurance policy can provide for the spouse and children and enable life to go on at the same accustomed lifestyle.

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Life Insurance Can Provide for the Childrens’ Education

If the children are still young, then it will be necessary to think about their future education. With the cost of a college education continually rising, financial help is apt to be needed – if they are ever to get that post high school education. The proceeds from a life insurance policy can provide for some or all of their future educational needs.

An Inheritance Can Be Given with a Life Insurance Policy

Another benefit of life insurance is that an inheritance can be supplemented or even created with the right kind of policy. This will enable loved ones to be remembered long after they are deceased. The children or grandchildren can enjoy the additional finances and use it to get established in business or some other goal. If combined with a trust, the money can be made to last a long time.

Retirement Can be Made More Comfortable with Life Insurance

Preparation for the possibility of an early death does not automatically mean it will happen. It is quite possible to live longer than anticipated. In that event, however, cash from a life insurance policy could provide some financial help and security (depending on the type of life insurance obtained).

Life insurance, whether term life insurance or whole life insurance, can enable a family to be prepared against many potential problems. Online life insurance can easily be obtained and a physical exam may not even be needed. Because life insurance rates do vary considerably, it will be a good idea to get several life insurance quotes before buying and then comparing the life insurance policies carefully to ensure the best coverage for the family.



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