Life is so uncertain and that is why everyone, including you, should have life insurance in place. Face it; you really never know what could happen even in just the next few moments. Having life insurance can save your loved ones from headaches adding to their heartache should something happen to you.
I was always amazed when I was a stock broker at the amount of clients I had who wanted to leave something to their families if anything ever happened to them yet their planning was all messed up. While they may have been very astute at investing, many times they did not have life insurance in place. So, I found myself explaining a lot why life insurance is so important.
Replacement of Income
If you were to die tomorrow, how much income would your family lose? Does your spouse or significant other make enough to enjoy the same standard of living without you around? Your life insurance needs to be able to replace your lost income for many years to come so your family doesn't have to alter their way of life.
Final Resting Fees
Even if you can only afford a very small amount of life insurance you need to obtain some to cover your final resting fees if for nothing else. Your family will already be devastated with the fact that you are gone, do you really want them stressing out about how they are going to come up with the money to pay for your funeral and memorial?
Future Expenses
If you have children and you leave no money behind, how will they pay for college? How will your spouse pay for the mortgage on your home? Anything that you may have intended on paying for going forward will need to be covered, which is hard to accomplish if you leave nothing behind.
Everyone needs life insurance. How much you need and what type is right for you will all depend on your own set of personal circumstances. To get a better idea, you should sit down with your insurance agent and ask them to help you decide.
While it is a bit morbid to think about death, it is necessary. Life insurance is a needed tool for total peace of mind and while you may hope you never need to use it, your family will be glad you had it if something ever happens to you. Protect and provide for your family even after you are gone with life insurance.
Source: Nationwide, Why Buy Life insurance? | Who Needs Life Insurance? | Nationwide.com, Nationwide.com
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