There are many benefits of a life insurance policy and these tips may help you understand why it is crucial to consider adding this coverage:
- Offers Financial Security
When you pass away, your life insurance policy not only offers those who have been left behind financial security, it also gives them peace of mind. The death benefit can help them with bills, past debt, mortgage payments, college tuition and more.
In the US, the average funeral cost is between $6,000 and $10,000! That alone could cause those left behind hardship if you are unprotected.
Premature death can occur at an unexpected time. As difficult as this will already be for your family, don’t leave them empty handed and unsecured. Help your family overcome this difficult situation by helping provide income for your spouse, help your family to continue their lifestyle and pay future bills.
Life insurance also has tax advantages as the beneficiary will not have to pay taxes on any death benefit they receive.