Why do I need life insurance?

Life insurance is not something that’s pleasant to think about. However, when you finally make the decision to jump in and protect others, it’s actually quite a simple decision.

There are a number of reasons to purchase life insurance:

  • Financial support – The first and most common is to support your family financially. Life insurance can replace your income. Think about how it would affect your family’s monthly earnings without it. It could help your spouse with day-to-day expenses, such as the mortgage, credit cards and other loans.
  • Funeral and final expenses – While the stress of losing a loved one has its own issues, you don’t want to burden anyone with the funeral and final expenses. It pays out quickly and as a result, you don’t have to worry about the burden of such expenses.
  • Protect assets – Think about the assets you have that require maintenance. Cars, boats, your home, even vacation properties fit into this category. In addition, what about those unexpected replacement costs for major appliances, like a washer, dryer or fridge? As a result, having a cushion from life insurance can assist with these costs.
  • Estate Taxes – If you have a large estate and expect to owe estate taxes, life insurance can help. Most of all, your spouse doesn’t have to sell any assets to cover those taxes.
  • Provide an inheritance – Suppose you don’t have a lot of debt and yet don’t have a lot of savings or assets. If you want to provide someone with an inheritance life insurance is definitely the answer for that.
  • Paying off a joint loan – Life insurance may be used to satisfy a joint loan or a loan that you’ve co-signed. Consequently, this could help the other person be relieved from the legal financial obligation.
  • Providing for others – Another cause for concern is supporting elderly parents, disabled siblings or other individuals should something should happen to you. The cost of their care in your absence and all their expenses will continue. Because by having life insurance, you’ll have peace of mind knowing that their care will carry on.
  • Small business debt – Life insurance can be used to pay for day-to-day expenditures. It can also free your partners or spouse from the burdens of the business such as loans and debt.

Remember that if something happens to you, the expenses that you have now won’t go away. By purchasing life insurance, you can eliminate the financial struggle your survivors would incurred by the loss of your income.

A big myth is that life insurance is costly. The nonprofit insurance education group, “Life Happens” found that 80% of consumers have the wrong idea when it comes to the cost of life insurance. Most noteworthy is that it’s actually quite inexpensive.

At Ron L. Reed and Associates, our mission is simple, “To be Clear, Concise and Conversational with our potential and current clients. Our values are People Respect, Opportunity, Passion, Excellence and Loyalty.”  To receive a quote within 24 hours, please complete the form to the right of column.