Deciding if you should contact an insurance company to purchase life coverage can be difficult, especially if you are young and do not have children. Even though it may seem like an unnecessary expense, there are many good reasons to have a policy in place. Here, the team at Somers Agency, located in Lorain, OH, discusses three of them.

3 Compelling Reasons to Buy Life Insurance

1. Covers Your Burial Expenses

Even a basic funeral service can cost thousands of dollars. While pre-paying for your burial eases the burden on your family, many people choose to not pursue that option due to the cost. A life insurance policy gives your family money to cover your burial expenses, lifting the burden off of them and yourself.

2. Pays Off Your Debts

Even after you pass away, you may still have debts that could result in creditors trying to collect from your estate. For instance, if you and your spouse co-signed for a loan, such as a mortgage, they will be responsible for repaying it on their own if you pass. A life insurance policy gives your loved ones the help they need to take care of financial responsibilities after you are gone.

3. Costs Little

You may be hesitant to purchase a policy from an insurance company because you think it will be expensive. However, this type is usually affordable for most people and costs less per month than a homeowners or auto insurance policy. If you are healthy, you can usually find a term life policy for as little as one dollar a day. 

The independent insurance agents at Somers Agency are happy to help you find the personalized coverage options you need, offering a variety of affordable home, life, and car insurance policies to their customers. Give them a call at (440) 324-3447 to speak to a team member at the insurance company. You can also visit them online to learn more about their products.