Life insurance is a death benefit that goes to loved ones after a person’s death and it’s an insurance product every person should have. But why? That’s the question many people ask when they search for life insurance near me online. Here are five reasons it pays to purchase a life insurance policy.
- Financial Protection for Families
The goal of life insurance is to protect a family’s goals and provide economic stability. Most people with substantial savings find it hard to maintain their current lifestyles when a contributing partner passes. Life insurance provides a financial cushion.
- Replaces Lost Income
When a person passes whose income is important to pay for family expenses, this creates an immediate hardship. Life insurance replaces the person’s lost income and helps the surviving beneficiary pay for household expenses among other things.
- Pays Off Debt
Not all debts disappear when a person dies. Life insurance provides financial help to settle debts from the estate such as outstanding mortgages, student loans, and other debt.
4.Funeral Expenses
The average funeral costs anywhere from $12,000 – $15,000. Most people don’t have savings or credit cards to pay for this expense. The proceeds from the life insurance policy can pay for the funeral.
- Pay for Future Education Expenses for Surviving Children
Parents who want to ensure their children have access to money for higher education understand the value of life insurance. A death benefit disbursement can go toward a child’s education fund.
Still searching online for life insurance near me? Get in touch with The Plemons Group online at https://www.theplemonsgroup.com to learn more about life insurance and other beneficial policies.
