Life insurance is one of the most essential purchases you will ever make. In the event of a tragedy, life insurance proceeds can finance your family’s future needs.
If you are wondering whether life insurance is worth it, think of it as something you hope you will never need. However, knowing that it is there means that you can have peace of mind. Having life insurance lets you get on with your life knowing that in case the unthinkable happens to you, your family will have a bit of help in the months that follow.
How Much Life Insurance Do I Require?
Determining the amount of life insurance that you require is not an exact process. Ask yourself: How much money will my family require to maintain their standard of living? If you have dependents, the standard is having up to 12–14x your income to make up for your financial stream.
How Life Insurance Can Help Your Family
A life insurance policy can provide your loved ones with monetary benefits if you pass away. The money that they get can be used to pay for expenses, from medical bills, final expenses, funeral costs, and more.
Amco Insurance lists down 4 ways that life insurance can help your family:
- Medical Bills
If you were to pass away due to a health-related issue that resulted in a considerable amount of medical bills, life insurance can help your loved ones pay them off.
- Rent or Mortgage
Your loved ones may need money for monthly rent payments or to pay off a mortgage. Life insurance can be used to pay off these expenses.
- Education for Your Children and Grandchildren
A recent report reveals that for the 2017-2018 academic year, the average cost for an in-state college is about $25,290. A moderate budget at a private college is around $50,900. As a parent, you naturally want your child to get a quality education – having life insurance ensures that they still have the money to pay for their educational expenses even when you are no longer around.
- Final Expenses
The cost of final expenses often amounts to thousands of dollars. That is a huge amount of out-of-pocket costs that you probably do not want your family to worry about. Life insurance can help pay for things such as burial and funeral services and other final expenses.
The Bottom Line
Getting life insurance in Hialeah, Florida can help pay immediate expenses, such as final estate settlement costs, funeral expenses, uncovered medical costs, and other lump-sum obligations (i.e. mortgage balances and outstanding debts). They can also help your family cover future financial obligations, such as money for college, day-to-day living expenses, and so much more.
So, if you do not have life insurance yet, consider getting one now and secure future of your loved ones!