Knowing how much insurance coverage you need can be challenging. And with the burdens of everyday expenses, life insurance policies that provide great coverage can feel like a distant dream. However, life insurance does not have to be expensive. There are many life insurance policies that cost less per month than one trip to a good restaurant. And the security provided by life insurance coverage is often priceless. Life insurance is not coverage for you, but to protect your family from financial ruin in the event of your untimely passing. Here are the top three reasons why life insurance coverage is worth it.
- Life insurance coverage can replace income lost for your family.
In the event of a tragedy, the last thing that your family needs to worry about is money. Planning funeral services and burials is difficult enough to manage while attempting to come to terms with grief. Life insurance can provide invaluable security to your family in a difficult time, giving them one less thing to worry about.
2. Life insurance coverage can be used to pay off your family’s debt.
If you have payments left on your mortgage or other debts that you owe, having a life insurance policy in place can help to ensure that your family can live with less debt in the event of your passing. The peace of mind that this facet of life insurance creates can often prove to be inevitable.
3. Life insurance policies can even help with expenses related to long term care.
There are life insurance policies available that can help to offset the costs of long term care. On average, long term care costs around $6,844 per month (U.S. Department of Health and Human Services, 2017). Life insurance coverage can remove some of the stresses of making decisions regarding long term care.
As you can see, there are a number of reasons why life insurance can be a great decision for your family. If you have any questions regarding life insurance, call Savoy Insurance Group today at 440-365-0435, or contact us online at https://savoyinsurance.com/request-a-quote/.