1. We need life insurance to cover funeral costs. Whether it be your parent, a new partner or your children, our next of kin will need money to cover funeral expenses. It is important for us to plan ahead so we do not leave our loved ones with expenses that they find difficult to pay for. The cost of even the most simple funeral is ever rising.Today the average funeral in the Unites States costs between $7,000-$10,000. I do not want to leave my heirs with this large expense, and I’m sure you would not want to either.
2. Life insurance is important to cover child support and/or alimony. As in married life, so in divorce, we would not want our children to suffer a substandard life style if we were not here to provide it for them. So it is important to make sure the children’s future is ensured by making sure we have substantial life insurance. Think of the large expenses yet to be faced, graduation, college, wedding, first child, there are many excellent reasons to have our life insurance in place.
3. Most of us hope, that our lives will end with a positive bottom line of even better. However in this era of credit cards and long-term student loans that is not always true. Many of us find ourselves carrying debt to the end of our lives. As responsible adults, it is important that we do not leave our heirs with the plague of unresolved debt. Pause for a moment and give this some thought to this, would you rather leave your loved ones with a tidy some of cash, or with a pile of unresolved debt? I do believe the answer becomes very clear when we consider the two options. I know I plan to leave my loved ones with a tidy some via life insurance.
4. Many families have either experienced this or known people who have. We graduate from college and can’t find a job, where do we go? Back to mom and dad. Next, we get married and after a child or two, it doesn’t work out, now the expenses of child support and supporting two households is too much so where do we go? Back with the parents. Statistics show that with the cost of living rising, more and more families end up with adult children back in the parents home. I have had this experience and I am planning ahead to make sure that all expenses are covered with life insurance.
5. The gift that we leave our loved ones is a gift they will remember the rest of their lives. Wouldn’t it be nice to leave them a substantial sum for something that will change their lives like home ownership for the first time, or college education for someone who otherwise would not be able to afford it? Perhaps it’s a gift to your alma mater or your special charity. It would be wonderful to be remembered this way. This is our opportunity to leave a gift to the future for those we love.