Industry Spotlight: Life Insurance
Life insurance is designed in providing more money to loved ones and family members. In the unexpected time of your death, it will be a valuable tool to use to protect your business and your financial interests.
Through a life insurance, your family will most certainly be the beneficiary. Nevertheless, you may be one of those people who do not think about the consequences of death. People still die of diseases and accidents each day of their lives. Almost two point five million people who are based in the U.S, for instance, die each year. While diseases are linked to several causes, almost one-hundred thousand of people die each year prior to accidental causes.
If your family members mainly depend on your power to earn, certain question needs to be asked. What do you think will happen to them if ever you are not around? This question must be answered before you are diagnosed of a disease. When you have been involved in an accident, never think that it is late for you to obtain a life insurance. Once you have been diagnosed with a disease, it will also be difficult for you to get a life insurance.
Nevertheless, life insurance helps provide and protect your family in many different ways.
Education and Care of Children
If you have children with special needs, you will still need to pay for a child care or special tutor. These expenses will mostly be covered by a life insurance despite your untimely death. Your child’s special needs will be provided along the way. This will help continue meet his or her needs over time.
And since university education costs twenty-thousand dollars every year, the investments and savings throughout the years will help pay the cost. If ever your income has stopped before the investments grow to help cover the educational expenses of your children, they will tend to have less money available to pay off their university education. Through the use of Cover and Legal’s life insurance, you will be able to provide for the educational costs of books, tuition, living expenses and fees.
Pay off Debts
A lot of families are seen living in a home with that so-called substantial mortgage. The mortgage actually represents the greatest debt that you have. It is your income that provides money for mortgage payment. With life insurance, it will be useful in paying off mortgage debt if unexpectedly the income is lost.
As it can be noticed today, most families have a huge credit card debt. They also cannot pay off their credit cards each month. Those who could not pay off their cars have a debt of 8,000 dollars. They also declare bankruptcy with thousands of dollars in their credit card debt. With life insurance, it will become useful in paying off credit card debt.
Helps a Spouse
Since a spouse may not make up for the lost income, he or she may re-marry or may gain another potential income; may wait until social security or pension comes up; may increase income from entrepreneurial or employment efforts.
Through life insurance, you help your spouse to do the transition from the time of death up to the time of a newer income stream. You will have to consider the amount of income that your spouse will need. The value of the life insurance will be designed to help people get the income stream.