Why Life Insurance Is Important As Auto And Health Insurance
Life insurance is important, as it protects your family and lets you leave them a non-taxable amount at the time of death. … This insurance will also replace your family income when resources are less so they can maintain their quality of life.
Life insurance meaning and Importance
What is the meaning of life insurance and what is its importance? Life insurance is a form of protection from financial loss that grants your beneficiaries cash benefits in the event of your death.
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Why is life insurance important in financial planning
While there are more than six uses of life insurance in comprehensive financial planning, the six below are certainly the most popular.
- Income Replacement
- College Planning
- Retirement Planning
- Tax Diversification
- Business Needs
- Estate Planning
Why we need life insurance
It is not easy to do financial planning for the family, as there are lots of considerations. For instance, one needs to consider their retirement, sending children to college, buying insurance, home, and car. All of these things can add up to your worries when it comes to planning for your future. However, one of the most vital parts of future planning is getting life insurance coverage. This type of insurance is not for your needs, unlike health. It is for the future of your family by the time of your death. Read one below and find out why you must acquire life insurance same as health and car insurance.
First, you need to know the reason why many choose to get different types of insurance. Getting health, home, and car insurance are vital for you and your family in unforeseen events like floods or fires. Having insurance can give you the financial freedom to get back to your normal life after a tragic life event. You can go on with your usual life after knowing that you can get funds to buy a new car or home. With health insurance, you will have funds for medicines and hospitalization in case you get sick.
It is the same reason for getting life insurance. The only difference is that it is not actually for yourself but for your loved ones’ welfare. Your family can get back to their normal life after your passing and get funds for funeral expenses. Grieving with lots of financial obligations is the last thing that you want to leave your family.
Why is insurance so important:
Why life insurance is important as a parent because of securing your children’s future in case of your untimely demise. It is true, especially if your children are still in their toddler years. You can ensure that they can go to college in case you pass away before it happens.
Today, it is normal for children to care for their aging parents physically and financially. Why life insurance is important if your parents depend on you for their needs, it is better to get some type of life insurance. Having it will ensure that your aging parents will have the right amount of funds to live comfortably in their remaining years. Also, it will help them pay for your funeral expenses.
Your passing is not only about paying expenses for the funeral services. In case you have unpaid loans, the money from life insurance can cover all your debts. That is why life insurance is important. It can pay an auto loan or mortgage in case you pass away before paying it in full.
In case you have a huge estate tax, part of the money from the life insurance can help pay an estate tax. That is why life insurance is important, especially for your heirs, to get the money they can use for the future. It is good to talk to an experienced agent from Coach B. Insurance if you are thinking of why life insurance is important to you and are looking into buying life insurance, you can start by using the free quote and apply platform or just give us a call at 800-342-1537.
Importance of life insurance
Why have life insurance?
You buy life insurance because it’s the best way to protect your loved ones.
Why do people buy insurance?
Insurance is a way of managing risks. When you buy insurance, you transfer the cost of a potential loss to the insurance company in exchange for a fee, known as the premium. … Insurance helps you: Own a home, because mortgage lenders need to know your home is protected.
Why insurance is important in our life?
Unforeseen tragedies such as illness, injury or permanent disability, even death – can leave you and your family facing tremendous emotional stress, and even grief. With insurance in place, you or your family’s financial stress will be reduced, and you can focus on recovery and rebuilding your lives.
What are the reasons to get life insurance?
- Replace income for dependents. If people depend on your income, life insurance can replace that income for them if you die. …
- Pay final expenses. …
- Create an inheritance for your heirs. …
- Pay federal “death” taxes and state “death” taxes. …
- Make significant charitable contributions. …
- Create a source of savings.
About Coach B.
After starting his financial career with Phoenix Home Life Insurance Company back in 1992, Scott decided he wanted to provide people with an easier and more enjoyable way to buy life insurance. That was the start of Coach B. Life Insurance, whose mission is to be transparent, honest, and helpful to customers — without ever bugging or pushing them.
In the years since then, he has worked tirelessly to improve the process of shopping for insurance. His goal is to make sure that everyone who comes to Coach B. — whether they end up buying a policy or not — has the best possible experience.
Does High Blood Pressure Affect Life Insurance Rates If you happen to have high blood pressure, it’s easier to get than you think it is.