Funeral expenses and burial costs can be a burden to your loved ones if you don't have life insurance. You can get permanent life insurance in various amounts which will meet your death benefit needs.
Unexpected death can leave your spouse or significant other with a mortgage they can't pay. Having term life insurance can be used to pay off an outstanding mortgage balance just consider matching the term insurance to the length of the mortgage.
Unexpected death can cut a household income to one if there were two incomes to carry the expenses. Life insurance can be used to replace lost income so that the survivor is able to maintain the same standard of living.
One big advantage of having life insurance is that the death benefit is not added to the taxable estate. This allows you to use the policy benefits to pay any estate taxes owed on the remainder of the estate.
Life insurance can help fund a college education. If you die, the death benefit may be invested and potentially grow to the needed amount by the time your children reach college age. Feel better knowing that you helped prepare for their future ? even if you are not there to see it.
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