30 Oct Family Matters: Securing Your Loved Ones Future with Life Insurance
You’ve no doubt seen many commercials regarding life insurance. Going beyond this, some companies even offer life insurance to their employees, paying for a policy that would give their beneficiaries around one year of their loved one’s salary should the unthinkable happen.
With that said, why is life insurance so important? What’s the point in having one of these policies? How do you decide how much life insurance to obtain? Keep reading to learn the answers to these questions and how to protect your greatest asset: your family.
Paying for Funeral Costs
Have you ever wondered how much a funeral costs? A full, traditional one, complete with a casket, several viewings or wakes, the ceremonies, the cemetery, and even the meal after the internment can cost tens of thousands of dollars. Yes, there are less expensive versions, but they also run into the thousands. How will your loved ones pay for your funeral? They’ll use part of your life insurance proceeds, although anything over the amount of the policy will have to be paid out of pocket. You don’t want to saddle your loved ones with debt due to funeral costs.
Supporting Your Loved Ones After You’re Gone
Going beyond funeral expenses, another reason for having a life insurance policy in place is to ensure that your loved ones have enough money to afford the lifestyle that you provided for them after you’re gone. Look at it this way: if you’re the sole breadwinner of the family and are supporting a spouse or partner as well as several children, what will happen when something untoward occurs? They could be left without money for house or car payments, adding major life upheavals to the grief that they’re already dealing with. It’s important to have enough life insurance to support your loved ones for a certain period of time after you’re gone.
Covering Medical Expenses and More
Although you may not want to think about it, the cost of medical treatments and related expenses is only rising, and you may not have enough health insurance coverage to pay for everything. If you end up having to go through a prolonged illness before your death, your loved ones might be saddled with expensive hospice and palliative care bills, among other things. The last thing they need is hospital bill collectors contacting them when they’re dealing with their grief. Thankfully, this situation can be avoided by having a life insurance policy.
Choosing Your Coverage Amounts
One of the toughest things to consider is the amount of life insurance that you need to have. Payments on your policy can depend on many things, including your age and the overall status of your healthy, so you want to pick an amount that you can afford, while at the same time, ensuring that you have enough to cover any expenses that your loved ones will be left with.
Ready to learn more about life insurance and protecting your beautiful family? Our knowledgeable team at Spivey Insurance can help review your current coverage or help you set up a new policy. Contact us today.