Considering Life Insurance?
We live in a world that is filled with the uncertainty of what might happen. Life Insurance protects your loved ones in the event of your death. It can provide future income to your family if you were to pass away during your prime working years, and it may also be used to pay debt, such as a mortgage, final and emergency expenses.
Life Insurance is the most selfless act a person can do for their family, as the person that is insured will never benefit from the coverage. Before obtaining Life Insurance, here are some things to consider:
1. PAY OFF MORTGAGE
Life insurance provides more protection that you’d think. You may have a mortgage at the time of your death. Instead of burdening your loved ones with your mortgage, your Personal Life Insurance could pay off the mortgage and eliminate that expense. The less your loved ones have to worry about during their time of grief, the better.
2. PEACE OF MIND
We don’t want to leave our loved ones with worries about money after we’ve passed away. Personal Life Insurance could give your loved ones financial peace of mind.
3. PROVIDE CARE FOR YOUR DEPENDENTS
Your Personal Life Insurance money can be used to provide care for your dependents. Your dependents could be your children or aging parents if you are their main care giver.
4. EDUCATIONAL EXPENSES
Education can be costly. Your Personal Life Insurance could help cover your children’s educational expenses if you are not there to provide financial help to them.
5. FUNERAL EXPENSES
Funerals are not cheap! Your Personal Life Insurance could be used to pay for your funeral and/or emergency expenses in the event of your death. Yet another financial stress taken away from your loved ones.
Personal Life Insurance is affordable for most people. The cost increases as you age, but is an important investment in the future of your beneficiaries and/or dependents.
7. TAX FREE BENEFITS
Who doesn’t want free money? Your Personal Life Insurance provides a tax free benefit to your beneficiary or beneficiaries after your death. This is a huge financial relief.
8. COVERS DEBT
Your dependents will have plenty of stress and grief to deal with. Personal Life Insurance can help your dependents cover any financial responsibilities that are left after your death, such as credit cards, lines of credit, loans, etc.
9. GIVE TO CHARITY
You can choose to beneficiary your Personal Life Insurance to a charity. You can use your policy to leave a lasting gift to a favourite cause or charity, one that is much larger than you would otherwise set aside for donations. You may also choose to gift it to more than one charity.
10. GET COVERED WHILE YOU CAN
If you develop an illness, there is a chance that you may not be able to get Insurance. If Personal Life Insurance is in place, you need not worry about qualifying, because once you have it, it can’t be taken away.