Most people are familiar with the concept, but it doesn’t make them any more eager to discuss it. The obvious question, “What if something happens to you, and your family is left without an income stream?”, is tough to hear but is an important factor in preparing for life after you and the well being of your family. Certain policies can build up a cash value that can be withdrawn tax-free, although some advisors warn against it.
Why Should I get life insurance?
If your loved ones depend on your financial support for their livelihood, then life insurance is a must, because it replaces your income when you pass on. This is especially important for parents of young children or couples whose partner will find it difficult if they no longer have the source of income that was provided by their partner. You will also need enough money to cover the costs of hiring someone to cover the day to day household tasks, like cleaning, laundry, cooking, childcare and everything else a growing family needs.
Even if you don’t have any other assets to pass to your heirs, you can create an inheritance by buying a life insurance policy and naming them as beneficiaries. This is a great way to set your kids up for a solid financial future and provide for any monetary needs that may come up.
In addition to providing income to cover everyday living expenses, your family needs insurance to cover any outstanding debts. Other expenses include funeral and burial costs that can easily run into the tens of thousands of dollars. You do not want your spouse, parents, children or other loved ones to be left with any extra financial burden in addition to the emotional burden they will be also carrying.
Like most parents you probably want to know your kids will be well taken care of when you’re gone. You not only want them to get a quality college education, but to provide for other life ventures like getting married or starting a business. For this reason, additional coverage is absolutely essential while your kids are still at home.
No amount of money can ever replace a person. But more than anything, life insurance can help provide protection for the uncertainties in life. Without a doubt, having life insurance coverage will bring you and your family peace of mind. It’s one thing you can be sure of and no longer question if they’ll be taken care of when you’re gone.
Nobody knows when their last day will be but life insurance protects your heirs from the unknown and helps them through an otherwise difficult time of loss. SMA is there for you before that time comes, and there for your loved ones when it does. Call us today to get started on a secure future for the inevitable.