The Importance of Having Good Life Insurance

Insurance often gets a bad rap, for both good and bad reasons. Many of us question the practicality of life insurance. You pay monthly for your policy, and then it seems like you get nothing out of it. It’s hard to care about something that doesn’t kick in unless you pass away.
However, an unexpected death can be a real financial burden. Life insurance safeguards against that. No one wants to think about the morbid possibility of untimely death, but it happens every day. Thousands of families have been left unable to pay for funeral services or even make ends meet when the key breadwinner unexpectedly passes.

Protect Your Family

If there are children who depend on your income, your death could leave them in destitution if you are uninsured. Not only will it be difficult for your surviving adult family members to come up with the money to pay for your funeral expenses, but who is going to financially support your children after you’re gone?
You can hope for the best for is that family members or godparents will gladly take over the financial responsibility, but why gamble with your family’s future? Family members may not have the means to care for your children, especially if they already have their own kids to worry about. A life insurance policy will ensure that your children are provided for until they are able to take care of themselves.
Single parents with no one else to rely on when it comes to providing for their children especially need to consider a life insurance policy. Even if your former spouse is still working, they will not be financially responsible for your funeral expenses. They may be able to take care of your children, but without the added benefit of your income, providing for your children could become a financial struggle.

Protect Your Estate

Nearly everyone has accumulated debt, whether it be from a current mortgage, credit cards, or loans. Unfortunately, debt does not dissolve after you die. Although your surviving family is not legally responsible for your debt, many companies try to convince them to pay. At the very least, your creditors can legally try to get payment from your estate. That means any assets you had accumulated could end up being sold to pay bills, with nothing left for your heirs. Without your income or an insurance settlement, debt repayment can financially burden a family.

Protect Yourself

Personal life insurance for adults isn’t the only type of insurance to consider. Insuring your children is important as well. It’s even more difficult to think the possible death of one of your children, but sadly it happens. Whether they develop a serious illness or are the victim of an unexpected accident, covering the cost of a funeral is a major expense. Even a simple funeral can often run at least $8,000-to-$10,000.
During your time of grief, having the added hardship of financial difficulty can tear a fragile family apart. There are numerous companies out there that provide inexpensive life insurance coverage for dependent children from birth through adulthood. Many personal policies have the option of paying a few dollars more per month to add a small amount of coverage for children.
If you think you can’t afford another monthly payment, the truth is that most insurance policy payments are relatively low. Although it depends on your age, medical history, and coverage amount, insurance is actually fairly cheap. Ranging from $9 to $35/per month, you can’t afford not to cover your family.
Accidents do happen. Being financially prepared can make a tough family hardship a little bit easier to endure. As with any major investment, make sure you shop around. Different companies offer diferent covereages. Make sure you find the right policy to meet all your family’s needs. Adequate coverage for their future should be a major factor when making your decision.
After your death, your family should be able to carry on without financial difficulties, and life insurance guarantees that.