Top 10 Reasons You Need Life Insurance

Many people feel that life insurance is just too confusing and complicated to consider. However, in fact it provides protection for the uncertainties in life. It is put in place to protect your family, dependants, and business when you die. Here are the top reasons you need life insurance.

Your need for life insurance will depend on your stage of life. Also you take into account the standard of living you wish your beneficiaries to enjoy after your death.

The 10 Top Reasons You Need Life Insurance

  1. The first important point to consider is nobody knows when death will come – certainly often at a time you least expect it. Nobody can say when their time here on earth will be over, so if you die suddenly, you will need to consider the financial implications of leaving dependants without a main breadwinner.
  2. Funerals today are very expensive. At an extremely emotional time, making decisions can be a confusing exercise and it can be a relief knowing that a life insurance will help to pay for this pricey event.
  3. Life insurance will protect your family from potential hardships caused by lack of finance. It can replace your income when you die and give financial security. This is especially important when you have young Top 10 Reasons You Need Life Insurancechildren, or maybe even disabled adults who depend on your income. The family may need to pay the debts and responsibilities left by the deceased such as a mortgage, credit cards and car loans.
  4. At certain times, an illness can drag on for years, draining every penny from you. Life insurance can provide you with the financial help you need, and in an emergency you may well withdraw or loan against the policy.
  5. Life insurance is not only for individuals, but for businesses too, protecting it from financial loss in the case of the business owner’s death. In this way, the business you worked so hard to build, can be maintained.
  6. You can supplement your retirement by an annuity which will give you an income month by month. Life insurance is a financial asset which can help increase your credit rating. It enables you to make a lasting gift to your favourite charity if you make this a beneficiary.
  7. Life insurance gives peace of mind. You can never have anything that will take the place of a loved one,  but insurance can take the sting out of the sudden loss. It offers protection for the unknown future.
  8. You will also be able to leave an inheritance. Name the family or dependants as beneficiaries, and this will especially help the children with a solid financial future.
  9. A single parent is a caregiver, bread winner, cook, chauffeur, and very much more. With so many responsibilities, you need to make sure you have enough insurance for your children’s financial future.
  10. Even single people sometimes need life insurance. You might provide financial support for ageing parents, or siblings with special needs. Or else you may have a lot of debt that you wouldn’t want to leave to family members were you to die suddenly. If you’re young, healthy, and have a good family medical history, you are very insurable, and therefore would get the best rates.


Reasons You Need Life Insurance – Don’t Let Your Family Suffer

Life insurance is part of being wise and making provision for the future. If one of your family will  suffer financially when you pass away, you need life insurance. It’s fairly cheap, so there’s no excuse.

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All info was correct at time of publishing