Many people think that financial planning entails saving for retirement, making plans for college, or simply saving for future income. Well, the focus of financial planning is indeed saving for certain goals in life. But incorporating some of the life insurance strategies essential since it will help to enhance specific needs like providing financial resources for your dependents after the event of your death.
Why should life insurance be part of your financial plan?
- Life insurance replaces your income when you are no more
Have you ever thought of leaving your family in deep financial distress just because you didn’t plan for their future? Having this thought alone should change your mind and start planning for the protection of your family. You need life insurance because it has the power to cater to the needs of your family when you die.
1. Life insurance covers for costs of final expenses
Planning for final expenses helps your family navigate financially through the difficult time of losing their loved ones. With proper financial planning, life insurance helps to cover the costs of final expenses such as funeral and burial costs, outstanding medical bills, or estate taxes. This avoids the use of saving that was meant for other things.
2. Paying out for mortgage or any other significant debt
Life insurance pays out your debts and mortgage without sacrificing home or assets or having to sell such properties at a discount to settle the outstanding debts
- Life insurance is simply a tool for planning
Life insurance is mostly thought of as a vehicle to provide a death benefit. What most people don’t know is that life insurance could also play a role in charitable giving or long term care planning. If one donates regularly to a favorite charity, the charity could use the donated funds to buy life insurance which could provide benefits when the donor passes on.
We would recommend you to talk to one of our advisers for life insurance quotes.
Any quote that your adviser provides you with will take into account your circumstances, your medical history, as well as your budget!
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