10 Reasons why you need Life Insurance

In a Recent Study, we ranked the 10 Factors for Considering Life insurance coverage

1. Income replacement

Proceeds from a life insurance policy can step in to pay the bills when income from the insured is lost due to death.

 2 . Burial and other final expenses

The death of a loved one is hard enough without having to worry about your funeral costs, which may be well over $10, 000. 2

3. Mortgage protection

A family may lose their home if a life insurance death benefit is not available to help pay the mortgage.

4. Lock in a low premium at a young age

Over time, as people age, premiums increase. The best time that you should buy life insurance is today.

5. Transfer wealth to family

You can leave more money to your family with a life insurance policy as part of your estate.

6. A tax-advantaged way to build cash value


You can realize tax advantages by utilizing policies that build cash value.

7. Provide funds for university education


College is expensive. Life insurance proceeds can help ensure that university loans are paid even though you aren't there to help.

8. Meet evolving needs with a variety of product options

Needs change over a lifetime. You may want to look for a different type of policy or lower premiums to suit new life circumstances.

9. Supplement employer-provided life insurance policy

Employer-provided life insurance alone might not be sufficient to cover your family's financial needs.

10. Pay estate taxes and create estate liquidity

When an estate is inherited, certain taxes must be paid. Life insurance may step in to cover your estate costs.

Have got something to add Reasons why you need Life Insurance? Share it in the Comments.

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