The talk of death is taboo to many. However, if you want to secure the future of your loved ones, it’s a topic you can’t avoid. Life insurance helps plan for the life of your dependents after you are long gone. Yes, it’s impossible to replace you, but life insurance makes life easier for those you leave behind.
Sometimes, insurance can be confusing, and knowing what you need can be a tall order. However, when you partner with competent insurance agents like Blevins Insurance Agency of Lafayette, IN, insurance can be broken down into simple, digestible chunks that are easy to understand.
Today, we will take a deep dive into one of the most asked questions: Why do I need life insurance? If you would like to find out, keep scrolling.
To protect your loved ones.
If you have children, aging parents, or a disabled sibling that depends on you for financial support, life insurance is a worthwhile investment to support their financial needs even when you die. Simply put, life insurance replaces your income when it is time to go.
To pay off your debts.
Do you have a home mortgage? Or perhaps you have a federal student loan or a credit card? Since you wouldn’t want to leave a financial burden to your loved ones and loan cosigners, investing in life ensures that your debts are taken care of when you pass on.
Funerals are expensive
Did you know that it cost about $7,000 to $10,000 to fund an average funeral? Of course, this figure can go depending on your funeral wishes. Your family is already having a hard time processing your demise. Adding funeral expenses on top can only worsen the scenario.
To protect your business.
If you are in a business partnership, your partner depends on you for financial support. If you die, you will leave a huge financial gap that is difficult to fill. Without life insurance, your business could face substantial financial losses and liabilities that could compromise its going concern. However, life insurance can plug the financial gap left as things settle.
Are you seeking to determine your life insurance needs? Please contact Blevins Insurance Agency. Better yet, you can visit our Lafayette, IN office to speak to one of our agents in person.