Buying life insurance is incredibly important. Many people fail to recognize just how vital it is that they have a life insurance policy on themselves at all times. Life insurance is very affordable, so there is really no reason to not be carrying a life insurance policy. Here are some reasons why you should always have life insurance.
1. Funeral Expenses
Funerals can be expensive. They can range from a couple thousand dollars to a great deal more. You will need to pay for the burial plot, the casket, the funeral, the head stone, and so much more. Many people fail to realize that when you go to a funeral there were thousands of dollars that went into it; thousands of dollars that the family may not have had.
With a life insurance policy, your family will have cash in hand right away to pay for the funeral so that they can host a funeral for a loved one without having to worry about the costs. This is why many people have a life insurance policy all the way into their elderly years, to pay for the funeral expenses.
2. Medical Debt
It is not unusual to accrue a good deal of medical debt before you die. Even if the death was sudden, like a car accident, there still may have been life saving efforts by the doctors and even an extended hospital stay before the death. However, some people die from an illness, such as cancer, that can accumulate over time. This is why life insurance so great. It gives the family money to help cover the leftover debt that continues to be outstanding, even after a death.
You don't know how much or if medical debt will be accrued at the end of your life, so it can be hard to know how much to plan on in your insurance. That is why many people include some extra in the life insurance policy that they purchase.
3. Living Expenses For Your Family
The death of a loved on can be debilitating. Many people have a hard time resuming their normal life after they lose someone they love. Your family may have a hard time financially following your death, which is why having some money set aside for living expenses in your life insurance policy is so important. This is especially true if you are the primary breadwinner in your family.
These are just a couple things that your life insurance policy will help to cover, which is why it is so important that you always carry a policy.