Why do you need life insurance? When the inevitable happens, someone will have to pay for your funeral and take care of the bills you leave behind. And if there is a person in your life who has depended, even partially, on your income, that person will be left to deal with a major adjustment.
The cost of a funeral alone is enough to set most families back for years. Even the least expensive funeral will cost a minimum of $5,000 today. The casket alone can cost from $2,500 to $10,000. Very few people have that kind of money available, particularly when the event is unexpected, which is a common situation.
Long after you are gone, your bills will keep coming. For someone who has been ill that can include bills for doctor visits, treatments, and hospitalizations. Unpaid bills can obviously no longer hurt your credit after you are gone but if you have co-signed any loans, the person left behind will be responsible for your debt. And, if you live in one of the nine community property states in the United States, your spouse will have to pay off your debts or run the risk of having his or her credit affected.
Even as the bills continue to mount, the income stops. Loss of income can impact family finances now and well into the future. In today’s challenging economy, when many families live paycheck to paycheck, if one of those paychecks were to stop, the financial consequences could be catastrophic. Life insurance would cover not only the large bills but the everyday expenses for your family.
As crucial as life insurance is to two-parent, two-income families, it is absolutely essential for a single parent. It is not an easy thought, but if something did happen to you, who would provide for your children? Life insurance, in sufficient amounts, would enable your children to have the things they need during a time that may well be the most difficult of their lives.
Life insurance is extremely important to the protection of your family. And the cost for you now is very little compared to the benefits your family will receive after you are gone. Life insurance premiums will vary, depending on your age and health. You will pay more, for example, if you are a smoker. However, basic policies generally start at around $20 a month. Considering the potential for financial devastation that the loss of income could mean for your family, can you afford not to invest in life insurance now?
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