You work hard to take care of your family, but have you thought about what would happen to them if you’re no longer around to provide financial support? Would your spouse’s income be enough to cover the mortgage? Will your children be able to pursue their dreams? If your loved ones rely on you for support, a carefully chosen life insurance policy will allow you to continue caring for them after you’re gone.
3 Crucial Benefits of Life Insurance
1. Burial Expenses
The average funeral costs between $7,000 and $10,000, and a relatively modest burial will cost several thousand dollars. Even if your family has this kind of cash on hand, funeral expenses will deplete their savings when they need it most. Luckily, a life insurance policy will cover these costs so your loved ones won’t have to. Even unmarried people without children should carry enough insurance to pay for their burial expenses.
2. The Death Benefit
Life insurance policies are flexible, so you can tailor the death benefit to your family’s needs. You may decide to leave behind enough for your spouse to pay off the house and replace your income for several years. Financial security may not make their loss any easier, but it will give your loved ones peace of mind while they rebuild their lives in the wake of your passing.
3. Tax Benefits
Fortunately, life insurance benefits generally aren’t considered taxable, so every dollar of coverage you purchase will go directly to your loved ones. These tax benefits make life insurance one of the best investments available.
As one of Fairfield, OH’s most respected independent agencies, Lighthouse Agency Inc. offers products from some of the top carriers in the industry. Their agents will take the time to understand your financial situation so you can secure a life insurance policy tailored to your needs. Visit their website to learn more about their life insurance services and call (513) 860-9100 to request a quote today.