The main purpose of life insurance is to provide replacement income for those who depend on you, such as your spouse, children, or any other dependents, typically providing sufficient financial assistance to help cover the following:
In the event of your death, you are likely to have end-of-life costs, such as funeral expenses, that will be need be paid for. In fact, according to the National Funeral Directors Association, the national median cost of a funeral with viewing and burial is around $7,000, not including additional costs such as monuments or markers, flowers, or published obituaries. With a life-insurance policy, these expenses can be covered, avoiding leaving them for your loved ones to worry about paying for.
If you have children who have not yet attended college, or you have children that are in college or have recently graduated and they may have tuition costs or student loans, then your life insurance proceeds could be used to finance your children’s college education or to pay off their education-related debts.
As we age, we tend to not only fall ill, but many will suffer prolonged illnesses prior to their death. In these particular cases, you may need extended-care facilities, which can be costly. However, with a life insurance policy, you can help your loved ones to not worry about covering your medical or extended-care bills that may come due after your death.
It is never too late to plan ahead, ensuring your family members are looked after in the event of your death. For help determining what life insurance policy is right for you and your family’s needs, contact Brazelton Insurance Group for more information today.