Life is full of uncertainties and we have no idea what is in store for us. From married couples with children to childless couples to singles, no one is immune from life’s unwanted events. For this reason, life insurance is crucial to any sound financial plan. Life insurance guarantees you and your loved one financial stability and therefore should not be overlooked in any way. There are different types of life insurance policies on the market today. However, with the many options available, it is certainly confusing to choose the best insurance. My advice to you would be to choose a cheap life insurance plan that best suits your future goals.
Below are 5 important reasons why you need life insurance, regardless of your age.
1. To help pay off your debts.
Life insurance can be used to pay your credit card debt, mortgage, tuition, among other debts. Let’s face it, we have no control over life’s uncertainties or unforeseen events. Take, for example, that you’ve secured a student loan or business loan to help you grow your business, and sadly, you die before paying off the debt. This can create more burdens for your family and loved ones who are already mourning your death and, worse still, struggling to increase your funeral expenses. Therefore, to avoid this additional burden, you should consider purchasing an insurance plan early in life.
2. You have the opportunity to leave some inheritance for your children and your spouse.
Purchasing a life insurance plan from a reputable and reliable insurance company ensures that your children will benefit from inheriting your savings for life. It will help you leave a legacy to create additional wealth for your loved ones. This inheritance can help pay for your children’s college tuition or pay for other emergency demands that may arise as your family recovers financially.
3. You benefit from “accelerated benefits.”
Most couples have each other’s support in case of financial crisis. However, for a single person, it is more likely that she has no other source of funding except her own personal resources. This can be a big inconvenience for you in the event of a sudden major illness. Thanks to most insurance policies sold today, they have provisions that accelerate a large percentage of the death benefit in the event you are diagnosed with a terminal condition. These vested benefits can be used to pay for expensive medications.
4. Provide financial security to your loved ones.
As a loving, caring and responsible parent, you need to make sure that your children are well cared for when you leave them behind. Therefore, additional coverage is paramount while you have children at home. Definitely no amount of cash could replace someone, but it would give you peace of mind to know that you have left your children some cash to propel them forward. It’s the ultimate thing to help your kids with while you can.
5. Charitable donations
If you’re single and have no debt or family obligations, your permanent life insurance can be used to fund charities. See it as your last good deed before your expulsion. You could touch a soul or change someone’s life forever with an affordable insurance plan from a certified insurance company and they will live to remember you even after you are gone.