“What is life insurance, do I need it, and why?”
If you were to suffer an accident or health emergency, would your family have to struggle to keep paying your debts such as mortgages, credit cards and car loans? Would your funeral be paid for? Did you know that consumer legislation puts creditors before beneficiaries, meaning that debts will be paid before your beneficiaries receive anything?
Life insurance can make your family’s life a lot easier if you were to pass away. Even if you aren’t the primary income earner, your grieving relatives will have to pay your funeral expenses if you die. Anyone who has cosigned debts such as mortgages and consumer debts is liable to pay those debts. Life insurance can cover those expenses.
Young families have often just taken on a mortgage, car loans, possibly other consumer debt as well such as a balance on a credit card or two. Those are exactly the kinds of expenses that adequate life insurance can pay off, and it’s exactly those kinds of debts which can trip you up if there is a loss in the family but no coverage. Already burdened with debt, funeral expenses are piled on top of monthly payments and it’s all to easy to suffer a loss far exceeding that of the grief at losing a family member.
Life insurance for those just starting out in life is extremely important, but it’s exactly this age group who tends to underestimate the benefits of adequate life insurance coverage.
If you’re established in life but have no coverage, the burden of your funeral expenses will have to be borne either from your savings or by your relatives. You can help them cover funeral and legal costs by obtaining adequate coverage.
Regardless of your age or health, call us to chat about your options and how we can protect your loved ones for you.