Let’s begin by asking these questions and honestly providing the answers to ourselves.
In the unfortunate event that your parents, or in-laws pass on right now, will you have the financial strength to deal with all the cost associated with death, burial and logistics for the event.?
What will be the impact of such a loss to the family; psychologically, emotionally,
Will you have to take a loan from the bank or empty your life savings because of such an emergency. Will you have to fully depend on your church, faith group or company to bill you out of all this stress and financial obligations.?
What will become of your dependents, your kids education and their future if you pass away unexpectedly? Who will support them financially?
What will be your fate if you become critically ill, or suffer total permanent disability or death; How will your family survive in your absence? If you contract a deadly virus like the Corona Virus and dies, what will such a loss mean for your family. Would you have left them wealthier, or poorer in your absence?
If you or your family members are hospitalized due to illness, accidents, surgeries, or dies eventually, what will it cost you and your family if you are diagnosed of Covid 19 and hospitalized? Will you have a financial cushion to cover you or you will pay from your pocket?
What about a Wealth Plan for yourself and family? What future projects do you want to see accomplished in 10 to 15 years’ time? A home, an estate, a church, a business, children’s education or enough money to live on for the future? What inheritance will you leave for your family if you pass on unexpectedly?
IF these questions are relevant to you, then you need to consider LIFE insurance urgently.
Here are five very good reasons why you need life insurance.
As we grow older, get married, build families and start businesses, we come to realize more and more that life insurance is a fundamental part of having a sound financial plan. Depending on your type of policy, life insurance is fairly cheap, which means there’s no excuse not to get coverage now. Plus, over the years, you’ll find comfort in knowing money will be available to protect your loved ones in the event of your passing. Here are a few other reasons why having life insurance is important.
To Protect Your Family and Loved Ones
If your loved ones depend on your financial support for their livelihood, then life insurance is a must, because it replaces your income when you die. This is especially important for parents of young children or adults who would find it difficult to sustain their standard of living if they no longer had access to the income provide by their partner. You will also need to provide enough money to cover the costs of hiring someone to cover the day-to-day household tasks, like cleaning, laundry, cooking, childcare and everything else a growing family needs.
To Leave an Inheritance
Even if you don’t have any other assets to pass to your heirs, you can create an inheritance by buying a life insurance policy and naming them as beneficiaries. This is a great way to set your kids up for a solid financial future and provide for any monetary needs that will arise.
To Pay Off Debts and Other Expenses
In addition to providing income to cover everyday living expenses, your family needs insurance to cover any outstanding debts, like the mortgage, credit cards and car loans. Other expenses include funeral and burial costs that can easily run into the tens of thousands of dollars. You don’t want your spouse, parents, children or other loved ones to be left with any extra financial burden in addition to the emotional burden they’re already suffering.
To Add More Financial Security
Like most parents you probably want to know your kids will be well taken care of when you’re gone. You not only want them to get a quality college education, but to provide for other life ventures like getting married or starting a business. For this reason, additional coverage is absolutely essential while your kids are still at home.
To Bring Peace of Mind
We can’t know when we’ll pass away. It could be today, tomorrow or 50 years from now, but it will happen eventually. No amount of money could ever replace a person. But more than anything, life insurance can help provide protection for the uncertainties in life. Without a doubt, having life insurance coverage will bring you and your family peace of mind. It’s one thing you can be sure of and you’ll no longer have to question whether they’ll be taken care of when you’re gone. Life insurance protects your heirs from the unknown and helps them through an otherwise difficult time of loss.
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