If you though that life insurance is a luxury you cannot afford, think again. Having a life insurance cover is very important. Life insurance ensures that your beneficiaries are left in a financial stable manner once you are gone. I will offer you reasons why you must purchase a life insurance cover.
1. Uncertain future
Regardless of your status you do not know the number of years you have on earth. Life insurance, therefore, helps you prepare for the inevitable. In the event that you suffer an untimely death through an accident, your life insurance cover will come in handy for your family.
2. Offset debts
Your life insurance saving can be used to pay off debts such as loans and mortgages. The fact that life insurance saving can be used to pay debts ensures that your family does not become insolvent as are a result of huge debt. Paying debts that were incurred by another party can be strenuous and, therefore; you need insurance to ensure your family does not struggle to pay the debts you left.
3. Cover expenses
We all want the best for our children whether we are alive or gone. Purchasing insurance ensures that the future you planned for your children is realized. The policy will fund the education of your children among other expenses. Life insurance also covers medical expenses and also takes care of funeral expenses. This lightens the burden of families once the breadwinner is deceased.
4. Peace of mind
Although money cannot take the place of a dead person, life insurance gives the insured peace of mind. The insured has peace because they have the assurance that their families will have financial freedom even after their death.
5. Business protection
Life insurance offers an opportunity to buy out the business interest of a partner who is deceased. This ensures that the other partner can carry on with business obligations without interruptions.