One of the most difficult parts of working in the life insurance industry is working with clients who have unexpectedly lost a loved one. In addition to the grief that accompanies the loss of a spouse, many individuals find themselves facing unnecessary financial burdens because their loved one either didn’t have a life insurance policy or had a policy that provided inadequate coverage. The team here at Mckenzie Life and Health is here to help you protect your loved ones from financial turmoil upon your passing. If you are interested in learning more about the various policies we offer, contact us to request a life insurance quote. In the meantime, check out five ways you can benefit from purchasing this critical coverage.
5 Reasons You Need a Life Insurance Policy
Replace Your Income
Whether you are the sole breadwinner in your home, or you and your spouse both contribute to your monthly income, your family will need some form of income replacement when you pass away. Life insurance can provide the financial security your loved ones need in order to pay the mortgage, utilities, and other continuous expenses, and in the absence of an adequate policy, your family could be left scrambling to make ends meet.
Pay Off Your Debt
Wouldn’t it be wonderful if all of our debts were forgiven upon our passing? While there are some debts, like medical bills, that can be written off, there are others, such as vehicle loans, that will still need to be paid. In addition to providing your family with the financial resources they need to pay monthly bills, a life insurance policy will provide them with the ability to pay off any debts that you may leave behind.
Cover Burial Expenses
The cost of a funeral has continued to increase steadily over the last 30 years or so, leaving many individuals burdened by the cost of burying their loved one. In fact, the average funeral in America can cost anywhere between $7,000 and $10,000. In the absence of a life insurance policy to help cover the casket, flowers, funeral plot, and other end-of-life expenses, your loved ones could be torn between providing you with a proper burial and meeting other financial obligations.
Build Cash Value
Term life insurance policies are designed to provide individuals with coverage for a specified period of time. While this is certainly beneficial, it does not provide individuals with the option of overfunding the policy to create cash value. Whole life insurance policies do provide this option and they provide permanent coverage that only ends when the policy is canceled. This is very attractive for individuals who like the idea of having an extra cushion in case of a financial emergency.
Provide Peace of Mind
Finally, no one can predict the future, and we never know when our time may be up. The biggest benefit of life insurance policies is that they provide peace of mind for yourself and your beneficiaries. The days and months after the death of a loved one can be incredibly difficult, and knowing that you have adequate insurance coverage can bring certainly and calmness in an otherwise uncertain time.
Request a Life Insurance Quote in DFW
No matter why you have been putting off looking into life insurance, there is no time like the present to take the first step in providing your family with the financial security they need to carry on with life after you pass away. Mckenzie Life and Health offers both term life insurance policies and universal life insurance policies, and we would love to speak with you about which type of policy best suits your needs. Contact our team today to request a life insurance quote.