The Right Time to Get Life Insurance
Life insurance is one of those topics that most people try to avoid talking about in any type of conversation. People generally think about finding the best life insurance policy when they are faced with a life threatening situation. They are forced to deal with this issue head on when faced with an illness, car accident or other life-threatening situations. There are a small minority of people who do have the discipline to buy life insurance and they are responsible enough to check their policy on a regular basis to make sure that they still have sufficient coverage at every milestone. You should realize that you need life insurance if your spouse, your parents, your children or business associate are dependent upon you financially. In the event that you die prematurely (a subject a lot of us don’t want to think about), your family will have to face the possibility of having to pay all the expenses, including outstanding debts, funeral costs, attorney cost, medical bills and estate taxes.
If you own a business, life insurance provides the funds to complete a buy sell agreement between partners, to pay off debts or to keep the business going by providing funds to replace lost revenue brought about by the death of a key employee. Although life insurance is one of the most important types of coverage anyone can have, most people sadly don’t think about it until a serious illness or impending death is staring them in the face. In most cases, at that time, it is too late. If you need a reason to get life insurance, just take a look around you and ask yourself some pertinent questions, such as “how will your children or spouse fare financially if anything should suddenly happen to you?”
Think about it. If you were to die today and you owned a home, you would leave behind a monthly mortgage payment that someone has to pay. As it stands right now, if you are married with children, your spouse is relying on your income in order to pay off outstanding debts that both of you have incurred over the years. If your spouse is unable to pay the mortgage, it will create other issues, such as foreclosure. Your spouse would then have to find alternative housing for the family. There are many families that have been torn apart after a spouse died because they were not prepared and did not have any insurance coverage to save their home.
When you purchase a good life insurance policy, you have prevented any future financial difficulties your family would have in the event of your death. Once the insurance proceeds are paid to the living spouse, it helps to pay the expenses for the funeral and other debts. Depending on the balance of the mortgage, the living spouse can considerably pay down the mortgage balance, if need be. Your home is probably your largest investment, and to protect it, you need to have some type of insurance coverage.
For people who don’t yet have a home and a mortgage, it could be something else. Everyone has expenses and death brings extra expenses, such as funeral costs. This can be an added stress financially for any family that is not prepared, at a time when no additional stress is needed. There might also be estate taxes that the family has to pay, and if there are no life insurance proceeds to do so, the family might have to liquidate the assets you worked your whole life to accumulate. Additionally, your family might not be able to avoid probate costs and attorney fees.
When the life insurance settlement check is paid to your beneficiaries, they are typically not taxable. Life insurance proceeds could possibly help your college-bound child go to college. If your family is used to a particular lifestyle while you or your spouse are alive and you would like them to continue living this way, you can have your life insurance proceeds set up to allow monthly payments to maintain that lifestyle, rather than one lump-sum payment.
If you say that you care about your family, you will consider getting adequate life insurance coverage to protect them instead of waiting until something happens to you to make that decision. If you are concerned about the cost of getting insurance, you owe it to your family to at least get a free quote and then decide which coverage will be best for you and your family. For more information please Visit: www.lifeinsure.com
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