9 Reasons Why You Need Life Insurance

It is common to hear unfortunate stories every day about people dying from heart attacks, car accidents or in other unexpected but sudden ways. This usually makes people think about what would happen if they were the ones in such situations. For people who have family members they would leave behind, the biggest concern is usually what would happen to them. Unless a person has life insurance, survivors could be left in a difficult position. There are 10 very good reasons for purchasing life insurance, which include the following. Debts Nearly every person has at least one or two debts. For those who have considerable amounts of debt, it is important to think about who will pay these debts after death. Surviving family members would otherwise be left to pick up the tab. With the loss of one income, they will already face difficulties, but debts only worsen those problems. Many surviving family members lose their homes or vehicles after the death of a main earner without life insurance. Lifestyle Many families have traditions and hobbies, but these lifestyle activities may be sacrificed if a main wage earner dies without life insurance. For example, vacations, holiday trips, memberships to sporting clubs and funds for other hobbies will be eliminated or severely limited. Life Necessities When most people think about life insurance, they forget topics such as college. Losing the only income or even a supporting income can affect how much is saved toward college funds. Life insurance can provide enough to fill those gaps. Emotional Stress Surviving family members will likely have sleepless nights, stress and may even experience depression. Many people have a difficult enough time overcoming their depression that they require counseling or medication, and these needs cost both time and money. Legal Issues There are several legal issues to consider after death. A person's estate is often subject to probate proceedings, which will leave assets tied up or at risk. Life insurance will provide tax-free money to survivors to handle expenses and live on during this difficult period. Family Care As parents or other family members age, it is important to think about who will care for them. Retirement benefits are disappearing, and nursing home care is not always the best option. People who are planning for life insurance should also plan to provide for their aging parents if applicable. Child Care Child care expenses are an issue for both working and non-working spouses. If a non-working spouse dies, the working spouse will either have to take time away from work or hire someone to take care of the children. If a working spouse dies, his or her income will need to be replaced to provide for the children. Medications, medical care, clothing and everyday supervision are all important expenses to consider. Remembrance Everyone wants to be remembered after death. For every person, this is something that will be different. Whether a person wants to leave a sizable donation to a charity or just provide sufficiently for his or her family, life insurance is the best way to do that. The Unexpected Life insurance is important for both spouses in a family. One may buy life insurance and think the other will take care of surviving children. However, if the other spouse also dies shortly afterward, this could leave children and next of kin with major problems. Any person who is eligible for life insurance should buy it. It is better to buy it at a younger age or while a person is still in good health. Premiums are small in comparison with the high costs survivors will pay for an untimely death of a main income earner. Since nobody is guaranteed tomorrow, the best time to start shopping is now. For more information, feel free to Contact Neptune Financial to schedule an appointment. Basic Understanding This blog is being provided for informational or educational purposes only. It does not take into an investment objectives or financial situation of any individual, family, prospect, client, or prospective clients. The information is not written or intended as investment advice and is not a recommendation about managing or investing your retirement savings. An individual seeking information regarding their investment or retirement needs should contact a financial professional. Neptune Financial, and their financial professionals do not render tax and legal advice. Please consult your tax and legal advisors regarding your personal tax or legal concerns.