March 10, 2018, 2:40 pm

Life Insurance: Protection for the Future

by: The Financial Blogger    Category: Insurance
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How do you plan for the future? Do you think maybe five or 10 years down the road? Maybe planning for you is what’s going to happen next week? Sometimes, it’s important to plan for the long-term, both for your retirement and for the future well-being of your family.  When considering a long-term plan, think of adding a life insurance policy to your financial future. No one wants to think about their untimely demise, but a life insurance policy doesn’t have to be morbid—it’s a sensible part of financial planning. Here’s why:

Funeral Costs

The average funeral cost today ranges from $7,000 to $10,000. Can your loved ones suddenly afford $10,000 if you pass unexpectedly? Life insurance can help cover this cost so whenever your family needs that money, even if it’s long in the future, it can be taken care of.

Pay Outstanding Debt

Unfortunately, your debt doesn’t go away even if you pass. Debts such as a mortgage, student loans and credit card bills will need to be paid by your family, but your life insurance policy can be used to pay off those debts.

By adding a life insurance policy to your financial plan, you can give yourself and your family members financial protection knowing that debts can be taken care of, and financial stress can be lessened. What if you’re single and don’t have any dependents? Your debt could still become the responsibility of other family members, so having a life insurance policy is still valuable if you don’t have a spouse or children.

Cover Loss of Income

Are you the primary source of income for your family? If you share earning power in your family, would the loss of your income create financial problems? A life insurance policy could help cover the loss of revenue in the result of your sudden death. The beneficiary would have access to the death benefit to help maintain the life you have helped to build.

Protecting Your Retirement

Eventually we reach a point where our kids are grown, our debt is paid off or very close to it, and retirement is around the corner. Life insurance can provide for your spouse or loved ones should you pass away while on a fixed income. Rather than change plans and possibly come out of retirement, your spouse can be taken care of with your death benefit.

Consider talking to a life insurance agent as you plan your financial future. With a life insurance policy you can protect your loved ones from the financial burden of an unexpected death, help pay off debts, help cover the loss of income, and can help them to lead a financially secure life. It is one of the best plans you can make.

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