Life insurance can serve as the foundation of your family’s financial security. According to the Life and Health Insurance Foundation for Education (LIFE), life insurance can:
- Buy time – Allows loved ones to focus on their grief by helping to pay for the funeral and other final expenses.
- Provide a fresh start – Lets loved ones start with a clean slate by helping to pay off credit card bills, outstanding loans and even the mortgage.
- Generate income – Helps replace lost income for years to come so that surviving family members can continue to pay for life’s necessities.
- Offer flexibility – Gives a surviving spouse the chance to take time off from work or to switch to a job that offers a more flexible work schedule.
- Create opportunities – Can provide funding to start a business, or pay for schooling so surviving family members can train for a new career.
- Fund the future – Offers a way to fund longer-range goals, like a college education for the kids or a secure retirement for a surviving spouse.
- Leave a legacy – Gives parents the chance to leave future generations with the legacy of long-term financial security. (Watch the related video, A Legacy of Love.)
- How To Choose The Beneficiaries Of Your Life Insurance Policy? (prweb.com)
- 10 Reasons You May Want More Term Life Insurance (ian6steyn.wordpress.com)