Simply put, life insurance provides your spouse, children, and loved ones (also known as “beneficiaries”) with financial support if you were to pass away. Making sure you’re covered is one of the most empathetic financial decisions you’ll ever make: you’re not thinking about your death so much as you’re thinking about the quality of your loved ones’ lives. And in that sense it’s an essential part of your overall financial plan.
Why do you need Life Insurance?
2020. That's why.
But seriously—if your loved ones depend on your income, you need life insurance. Here are three big reasons why.
1. To relieve financial burdens.
Funerals are expensive—on average, $7,000 — $10,000. You don’t want to leave your family paying out-of-pocket for that. On top of funeral and burial costs, your family will be in charge of paying the mortgage (or rent), utilities, groceries, credit cards, debt—the list goes on (and if you pass during an economic crisis, like the “Coronavirus Crash,” that list feels way longer). Life insurance replaces your income for years to come, so your family won’t be stuck in a tough place if you’re not around.
2. To give your family time to plan.
It also gives your family time to grieve without worrying about paying the bills or finding a new source of income. You’re buying your family time to figure out what life looks like without you and what steps they need to take next.
3. To give you and your family peace of mind.
Life insurance answers the big “what if” question that keeps us tossing and turning at night: what if I pass away? Though no policy can replace you—your humor, your love, your personality—it can put to rest the fear that your family will struggle financially in your immediate absence.
Make Sure Your Loved Ones Are Covered
Look, here’s the thing—we often get so wrapped up planning our own financial futures, we forget to secure our loved ones’ futures if we die. If you don’t have life insurance, make it a point to get some today. Take a moment and contact a Snyder insurance representative, and we’ll help you customize a plan that fits your family’s needs.