Today, having insurance is more than just a luxury for the privileged. Since no one knows when their death is coming, it is good to ensure that it does not burden the family left behind. You can do so by choosing cheap or affordable life insurance coverage. Below are reasons why we should all have life insurance.
Life Insurance Replaces Lost Income
For sole breadwinners, life insurance is a must. This is because it will provide your dependents with an income even after your death thus covering their bills and making their lives a little easy. Furthermore, even if you have two incomes in the family, it lifts the extra burden than may have befallen the remaining spouse.Life Insurance Covers Funeral Costs
With your death, your family will be both emotionally and physically drained. To avoid making their lives even more difficult by taking care of your funeral arrangements, you need to have life insurance. A typical funeral costs between $7,000 and $10,000, which can be very expensive for the people left behind. Fortunately, life insurance can take care of the funeral service relieving your family from extra expenses.Life Insurance Can Settle Your Medical Expenses
Although many people have medical covers, sometimes they run dry especially if you have been in bad health for long. During such times, life insurance can help you cover such bills. This way, you family will be free from your medical bills even in your death.Life Insurance Can Pay Off All Your Debts
Many people have mortgages that they are still servicing. In the event that you die with such a mortgage, life insurance can step in and offset the balance. Moreover, it can also settle debts such as car payments, credit card bills and virtually any other debt obligations.Life Insurance Provides Emergency cash
A number of people do not have an emergency kitty. As a result, they turn to high interest loans provided by several financial institutions. Luckily, you can avoid this form of borrowing if you have an emergency. You can borrow from your life insurance pool whenever you are in a financial crisis.These here are just some of the benefits of having a life insurance coverage. As you can see, this policy does more than just taking care of your family in your death making it your best companion.
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