Peace of mind is one of the biggest benefits that comes with buying a life insurance policy. It offers reassurance that your family will remain financially protected even after you’re gone. This is especially crucial if you’re dealing with health issues and run a household that depends on your income for support. Even if your loved ones are independent, there are still expenses associated with your death and burial that you likely don’t want to place on their grieving shoulders. The guide below looks closer at the benefits of having coverage.

How Life Insurance Can Protect Your Family

Provide Financial Stability 

As reported by the Federal Reserve, the average American household has about $180,000 in savings, but 29% of households have less than $1,000 saved. Death benefits from a life insurance policy will replace at least a portion of your earnings and offer assistance with everyday expenses so your family can maintain their current standard of living.

Should you have any outstanding debts at the time of your passing, such as medical expenses, a mortgage, or credit card bills, a policy will help pay these off, as well. Funeral and burial costs are another financial burden life insurance can help with. If you don’t have coverage, this will be a hefty out-of-pocket expense for your loved ones. According to the National Funeral Directors Association, the median cost of a funeral viewing and burial is close to $9,000. 

Choosing the Right Policy & Amount of Coverage

There are two main types of life insurance policies available—term and whole life. Term policies are designed to provide coverage for a certain length of time. If you pass away while the policy is still active, your beneficiaries will receive the payout; otherwise, it will expire. A whole life policy will last your entire lifetime as long as the premiums are paid. They also have an investment element, which means you have the option to withdraw cash while you’re still alive.

Life insurance will allow your family to continue living out the dreams you envisioned together. Rely on Comaltex Insurance Agency to guide you through the complex process of comparing policies to ensure you select the one most suitable for your loved one’s needs. Over the last seven decades, they have been entrusted to provide countless residents in and around the New Braunfels, TX, community with quality coverage solutions at competitive rates. Call (830) 625-7511 to request a quote, or visit them online to learn more about the products they offer.