What Is A Life Insurance Policy? 5 Reasons To Own One.

In today’s world everyone has a reason and purpose that helps us wake up each morning. We get up and start our day no matter if we are tired or not. We grab our coffee or tea and a bit to eat and we start our day. We do this every day knowing that at the end of each week or the end of every other week we will get our compensation to take care of what matters most to us all…our families. Paying bills, buying groceries, putting money away in our savings accounts, or paying for trips. No matter what you use your compensation for, you work hard to build a life for your family and yourself.

Now we’re working so hard to build a better life for our families that we tend to overlook a few major things. It’s a hard thing to visualize and think about but we will not be with our family forever. These are 5 reasons why you should own a life insurance policy. These are things that we need to truly think about when it comes to our family’s well being while we are no longer here for them.

5 reasons to have a life insurance policy

  1. Life Insurance can help cover funeral costs – When someone dies there are a lot of expenses that need to be taken care of for a proper funeral. Here is a list of typical arrangements that need to be made:

Simple Burial:

  •   Immediate burial
  •   Immediate cremation
  •   Donation of the body to a medical school or hospital

Traditional Full-service Burial or cremation:

  •   Basic services fee for the funeral director and staff
  •   Pickup of body
  •   Embalming
  •   Other preparation of the body
  •   Casket
  •   Outer burial container (vault)
  •   Visitation/viewing-staff and facilities
  •   Graveside service, including staff and equipment
  •   Hearse
  •   Other vehicles

Other Services:

  •   Forwarding body to another funeral home
  •   Receiving body from another funeral home

Cemetery/Mausoleum Costs:

  •   Cost of lost or crypt (if you don’t already own one)
  •   Perpetual care
  •   Opening and closing the grave or crypt
  •   Grave liner, (if its required)
  •   Marker/Monument (including setup)

A funeral could cost your family anywhere from $7,000-$24,000. If you have a savings account, 401K, or Pension that you were thinking about leaving for your family, all these expenses could be deducted out of it by your family to pay for it.

  1. Life insurance can be used to pay off any existing debt – Over the years you might have bought a house, cars, may have credit cards or just bill in general that you and your family have monthly that will be left on your family door step if you die. You have built a great life for your family and by having a life insurance policy your family can pay off all those bills and be able to take the time they need to get over this tragic time in their lives.
  2. Life insurance can act as a form of income replacement – You have worked years and years to get to where you’re at financially and your family depends on your income. Without having that income your family could be in serious jeopardy and could lose things that you have built and provided for them.
  3. Life insurance policies can be used for your Children’s Future education- Every parent wants the best things for their children. Making sure that they get a great education is one of them. By having a life insurance policy in place, the fund can be used to pay for that education.
  4. Peace of mind and from the heart – When someone dies it’s such a terrible time in everyone’s life that thinking straight and taking care of things are not a top priority. The love that you have for your family you’re going to want to make sure that they can take all the time in the world that they need. By leaving them a gift (life insurance policy) it will allow them to take that time they need and still be able to live the life that you built for them.

Life insurance policies are designed to protect your family and loved ones from any financial burden. Being able to decide the dollar amount that you can afford to pay also is huge. By going to udecideit.com you will be able to leave that gift for your loved ones.

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