The basic answer was always: “Why do I need money when I die??”
Life Insurance is first of all a financial protection whether you are married or single. As we enter the working age, we all have dependent(s) on our income to sustain in the day to day activities of life. It may be our parents or children or any other person we are taking care of. In other words also, a certain standard of living has been in place. As more and more we get into life, the more our responsibilities are, Including debts and other expenses. 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
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.
There are many advantages that come with a life insurance policy and depending on the types of contract you have with the insurer, it can be of a very interesting investment. A Life Insurance can be a very effective way to make some savings. As you will have a contract and a fixed sum to pay each month (premium), the more years go by the less becomes the premium. And the more years go by, the more valuable becomes the insurance contract. 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.
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. Its 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.