Life insurance is the ultimate expression of love. It may not be as exciting as flowers or a diamond ring, but buying life insurance for your family is the most selfless thing one can provide for his or her family.
Here are 5 reasons why life insurance should be important to you.
1) Final expenses
In the event of your passing, the last thing you want your spouse or children to worry about it money. This is a sensitive and difficult time that can be made harder by the anxiety of burial and funeral costs. Help to ease that pain, if only somewhat, by ensuring that your “last farewell” doesn’t become a financial burden.
2) Financial security
This is especially important if you have a dependent spouse or children. Once you’re gone, your family will need to find a way to replace your lost income. This will make sure that your surviving family members will be able to maintain their financial security. This may vary, depending on your situation. to help, here are a few considerations.
- What is your current age and income level?
- How many children do you have? How old are they?
- How much will their education cost?
- Do you have any charitable giving desires?
These are all important things to consider when deciding how much coverage you should buy. A good rule of thumb, especially for first time buyers, is to take your yearly income and multiply by 10X.
3) Avoid leaving behind debt
Life insurance becomes especially important if you have accrued a large amount of debt. Look, we get it. Life happens. Just make sure that your children aren’t stuck footing the bill. The last thing you want your loved ones to deal with is debt you leave behind.
4) Peace of mind
While it may not be the most pleasant thought, there will come a time when you are no longer living. Preparing for your future should always include life insurance giving you and your family peace of mind about something that is not controllable. The psychological relief that buying life insurance gives can not be understated. Just knowing that, no matter what, your family will be taken care of financially, is enough to allow you to sleep soundly.
One final thought: the sooner you act, the better. The older you get and the less healthy you become, the more you will ultimately pay for coverage. Buying while you are young will allow you to have all of the benefits above, much more affordably than if you wait until later in life.
Life insurance is about the people you leave behind. It is an expression of love to know that you have done a small part to care for your family once you are gone.
Shawn is the CFO and Co-Founder of Signature Insurance Group. In addition to his being raised in a family whose involvement in the insurance industry stretches back six generations, he has personally been in the business since 1999.
Shawn enjoys spending time with his wife, Holly, and three sons, Braxton, Hudson, and Maddox.
Shawn can be reached at Shawn@SIGWinder.com.