Life insurance covers a set of unique needs for each person. One person may need life insurance simply for the peace of mind that comes with knowing your family is secure. Others may have financial reasons. Although, it is clear that life insurance is important, the exact reason why you should consider buying life insurance coverage is completely up to you. Below are 5 of the most common reasons (in no particular order) why people buy life insurance:
1. School Tuition for Children
Many parents will face school tuition fees that they will have to cover for the next 10-20 years. Life insurance can help secure the education of your children and provide a better future for them.
2. Final Expenses / Funeral Costs
This covers not only the expenses of a funeral and burial, but can also cover medical or nursing care bills during the last few years of life.
3. Income Compensation
Should you pass away unexpectedly the loss of your financial support may leave a large burden on the shoulders of your loved ones. It is also important to take into account family members that may not bring home a paycheck, but do provide an invaluable service to the family such as raising the children.
4. Emergency Fund
Basically, any kind of emergency that may arise is another reason to have life insurance. Some of these unexpected costs may be health or medical related or loss of employment.
5. Home Mortgage / Debts
It can pay off a mortgage loan, credit card debt or any other type of debt, relieving your loved ones of the largest financial burdens you leave behind.
Whatever your life insurance needs are it is important you consider purchasing a life insurance policy. It is a fact that owning one can bring you financial security and peace of mind.
LifeQuote Holdings, Inc., is a pioneer in online life insurance brokerage. The firm was one of the first to offer consumers free life insurance quotes via telephone in the 1980’s, prior to developing the Internet business model. The executive team is made up of life insurance and retirement plan veterans, as well as media/marketing specialists, and experts in web design, development and search engine optimization. The company CEO is a respected leader in his field and coveted public speaker at national industry meetings. To find out more, please visit www.lifequote.com.
The author of this LifeQuote Blog post is not a licensed life insurance agent or broker.