Top 5 Reasons to Buy Life Insurance

Posted on Monday, Jun 06, 2011

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.

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The author of this LifeQuote Blog post is not a licensed life insurance agent or broker.


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