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Why You Need Life Insurance

Why You Need Life Insurance

Why You Need Life InsuranceAre you a primary financial provider for your family?  What would happen should you unexpectedly no longer be around to support them?

While difficult to consider, life insurance can help your family cope, giving them a strong financial base for facing life without you.

Life insurance can cover:

  • End of life expenses, such as funeral costs
  • Outstanding debt, including mortgages
  • Bills and ongoing expenses
  • Future needs, like education costs and childcare
  • Spouses retirement plan
  • Leaving a legacy or large charitable donation behind
  • Buying Business Partner’s Shares

Term life insurance is the most popular and generally least expensive form of life insurance. It offers protection for a specific period of time, usually 10, 20 or 30 year terms, and pays the face value of the policy to your beneficiaries. There is no assigned use of your funds, so it can be used to cover any of the instances above.  

If you have a large debt, such as a mortgage or student loans, you’ll want to make sure your policy is large enough to pay off those debts. A good rule of thumb is to make sure your coverage is equal to at least give to seven years of your income.

Make sure your family is covered when times are hard. Get a life insurance quote in just minutes from Rivermark Insurance Agency.