Great reasons why you need life insurance coverage.
Life insurance is one of those insurance policies that just about everyone needs but far too few people have. It’s easy to put off purchasing a policy when life gets in the way, but the longer you are way, the greater the chances of something happening before you get yourself coverage. Look at these top five reasons why you should consider a life insurance policy.
1) To replace lost income
Life insurance works to provide financial security to your loved ones after you pass away. If your loved ones solely rely on your income, be sure to get yourself adequate coverage.
2) To cover burial expenses
The average funeral can run to several thousand dollars. At an already difficult time, your life insurance can cover these expenses, so your family won’t suffer financial hardship or further stress.
3) To pay off debt
Your debts don’t necessarily disappear when you die. If you and your spouse have co-signed for a mortgage or other loans, your spouse may become entirely responsible for repayment. Insurance allows those you leave behind to take care of any remaining debt.
4) To take care of business
Life insurance can protect your business from financial loss, liabilities or instability in the case of the death of a business owner/partner.
5) Build cash value
Term life insurance stays in place for a set period. However, you can choose whole life insurance that provides permanent coverage. The latter allows you to build up cash value over time. This acts as an extra cushion that you can use at any time. If you have a financial emergency down the road, this can come in handy.
There are many great reasons to secure life insurance. To learn about life insurance, contact your team at Hoffman Brown Company in Sherman Oaks, California.
