Top 7 Reasons You Need Life Insurance

Many people are put off by life insurance, thinking it’s unnecessary and not worth the cost. But once you get past these common misconceptions, you’ll realise that it’s a valuable investment in many cases.

People get life insurance for several different reasons, but the following are some of the main reasons why life insurance is often an excellent investment:


1. Accidents can happen at anytime

One of the top reasons why people get life insurance is to protect themselves (and their families) from accidents and other unforeseen events. For many, this extra protection is more than worth its cost.

 This is admirable because, whether we like it or not, accidents and unfortunate events are a part of life. Perhaps even more worrying: they can happen anytime. The sooner you come to terms with it, the better you can prepare for it.

 Getting the right life insurance will help you better deal with a situation if an unforeseen death does occur. And if such an unfortunate event does happen, you and your family will be better off with proper life insurance than without it.


2. Funerals are expensive

Let’s face it: funerals are expensive. Funerals can easily cost in excess of 10 thousand dollars, not to mention all other miscellaneous expenses that burial ceremonies typically incur.

 With the proper life insurance coverage, however, you’ll be able to offset the financial burden of funerals, burial ceremonies, and other obligations that often come with such events. To many, this extra financial assistance for funerals is more than enough to prevent your surviving family members from getting into any financial holes.


3. Pay off debts

Life insurance is often used as a source of funds for paying or reducing debts such as mortgages, credit cards, and personal loans. If you or a loved one dies, you or your family will still be able to repay these debts with the right life insurance in place. This prevents surviving members from inheriting a previous debt.

After all, paying big debts is the last thing you want to do after the death of a loved one. But with life insurance, you can help eliminate or, at the very least, reduce this financial burden on you or your loved ones.


4. Invest with Greater Confidence

Because life insurance can provide financial support to you and your family in the event of death, you’ll be able to pursue large investments with greater confidence.

Whether you’re getting a mortgage for a new house, starting a business, or paying for your child’s education, you can pursue it with less worry knowing that life insurance can provide financial support in the worst case scenario. To many, life insurance serves as a financial safeguard that protects them and their family’s investment in the case of unforeseen death.


5. Pay for ongoing care

Those who’ve been dealing with a terminal illness and receiving ongoing care know how burdensome (emotionally, physically, etc.) it can be to them and their families. Medical bills and care services, meanwhile, are notoriously expensive, and maintenance care alone can quickly dry up a family’s savings.

Life insurance can help pay for ongoing care for you or your loved one. With it, the cost of related medical bills and care services can be substantially reduced. And for those who don’t have enough savings left or whose resources have quickly depleted, life insurance can be the major source of funds for receiving any ongoing care.


6. Pay for ongoing living expenses

Moving on from the death of a loved one can be a difficult process. This is true not just personally, but financially as well. This is even more apparent if there’s a family involved and the one who died was the major breadwinner of the family.

The death of family member – especially that of the main breadwinner – can deal a tremendous financial blow to most families. The right life insurance can help pay for ongoing living expenses, household costs, and other financial obligations as the family moves on.

Although life insurance will never be able to replace the presence of a loved one who passed away, it can help surviving members transition to a new life when it comes to financial matters.


7. Protect retirement savings

It’s common for most people to save up for retirement and put money aside for later use.

Many, however, find that this isn’t enough to prepare for the future. Serious illness or unexpected death can quickly use up their retirement savings thanks to expensive medical bills, funeral expenses, and other costs that often come with such events.

With the proper life insurance coverage, these expenses can be minimised (sometimes even completely covered), preventing the depletion of your retirement savings.

For those looking to prepare better for the future, getting the right life insurance can be just as important as saving up for retirement.


Life Insurance to Protect Your Family’s Future

There’s a saying in the industry that insurance isn’t for the dead; it’s for the living. And that’s definitely true when it comes to life insurance.

What many don’t realise about life insurance is that it’s ultimately not about you; it’s about your loved ones. Life insurance is about protecting your family if you or a loved one dies. It’s making sure they’re protected financially no matter what happens.

Death is difficult enough to move on from; it’s even harder if they have to continue living with the financial burdens caused by your absence. Life insurance is there to help make death less financially burdensome on your family if you’re not there anymore.

If you need more information about how life insurance can protect you and your family in the future, please don’t hesitate to talk with our specialists. We’ll gladly provide any information or advice you may need. We can also provide life insurance comparisons to help you choose the right plan.

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