Global Courant
There are many reasons why someone should seriously consider the importance of life insurance. This is due to the fact that they can change the life of you and your immediate family for a longer period of time with proper insurance planning.
1. As an income replacement
If you pass away, your family will lose their financial support, especially if you are the main breadwinner in the family. If you pass away, you lose both the salary and the pension savings you would have received. The life insurance role here serves as an income replacement that allows your family to get on with their lives without any financial stress.
2.Mortgage and debt repayment
Life insurance can be applied to pay off your mortgages, credit card debts or other types of debts, which will surely become a burden on your family if you don’t have a plan to settle them after you are gone.
3. School fees for children
If you have children heading off to college in the next 10-20 years, it is essential to plan how to use life insurance coverage for some, or all, of your children’s educational needs. Keep in mind that education is very crucial for everyone in this society. It’s the last thing you should be helping your kids with if you still can.
4. Emergency fund
Emergencies include sickness and medical expenses, layoffs, budget cuts that are not planned. Life insurance is certainly a great savior here in times of emergency and critical situations
5. Charity
If you have no family or debt, you can always use your permanent life insurance policy for some great resources of yours, such as charity. Identify the charitable organizations you wish to contribute to and identify them as your beneficiaries.
6. Last expenses for yourself
These may be the last expenses to take care of even after you are gone from this world. Such as the costs for your funeral and burial arrangement, your high medical or nursing home bills during the last 2-3 months of your life if you die from a serious illness. Life insurance is a prime candidate for these unexpected bills.
Whatever your main objectives are for the life insurance policies you currently have, we are confident that they will bring you the financial security and peace of mind you are looking for. So, make sure you review your insurance policy seriously and make sure they are sufficient to cover what you need.
Six main objectives of life insurance
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