The Many Benefits of Having Life Insurance
Life insurance can give you financial confidence that your family will have financial stability in your absence. But generally, the more life insurance you have, the more benefits it will provide to your family when needed.
For example, some people receive a nominal amount of life insurance – say $25,000 – through their workplace. While that theoretically sounds like a nice sum of money, in practice it may only be enough to cover funeral expenses and a few mortgage payments.
But with a larger coverage amount, your family can realize far more benefits, such as:
• Income replacement for years of lost salary
• Paying off your home mortgage
• Paying off other debts, such as car loans, credit cards, and student loans
• Providing funds for your kids’ college education
• Helping with other obligations, such as care for aging parents