Most people think that having life insurance is a financial burden, especially for those living from paycheck to paycheck. However, little do they know that life insurance is vital not only for the payer, but also for the beneficiaries. Still, they consider life insurance as an expense they can’t afford.
But the financially sound know that having life insurance is worth their paycheck. Even wealthy individuals avail various kinds of life insurances.
It’s not yet too late to avail life insurance. Getting it will pay off in the future because of the following reasons:
Provide Financial Security To Your Loved Ones
One of the most important reasons why you should have life insurance is to ensure the financial security of your loved ones when you die. If you’re one of those hard-working people who don’t invest in life insurance, you’ll probably leave your family devastated both emotionally and financially after your passing. Especially if you’re the breadwinner, your family may find it hard to adjust without you.
But with life insurance, you can protect the economic well-being of the family you leave behind. It’s because when you die, your family can receive a tax-free death benefit via your life insurance. Thus, your loss won’t throw your family into a financial crisis. Instead, they can use the death benefit to sustain their lifestyle or to start anew.
When you’ve got an aging parent or a disabled loved one, then that’s all the more reason for you to have life insurance. This is because when you pass away, you’ll leave them with something they can use for their disability care and basic needs.
What’s great about life insurance is that only the stated beneficiary can claim the death benefit. Thus, unauthorized persons can’t claim it. Moreover, applying for life insurance doesn’t have to be a complicated process. At Sagicor Life, it’s quite easy to apply for an insurance policy. You can even receive approval within the day, so it need not take up too much of your time.
Pay For Your Burial Expenses
Aside from ensuring the financial security of your family when you’re gone, they can even use your life insurance to cover your funeral expenses. Mind you, funeral services are costly, even the basic ones. If you have not prepared and made prior arrangements, your family will suffer this financial burden.
But with life insurance, your family won