Having life insurance protects your loved ones after you pass. If you don’t have this form of coverage, work with an insurance agent to find a plan that fits your budget and needs. Here are a few reasons why this type of policy is an essential investment.

Why You Should Have Life Insurance

1. Pay Your Final Expenses

The average funeral costs between $7,000 and $12,000, and it can be challenging for families to come up with this large sum. Fortunately, your agent can help you ensure these expenses are paid for by your plan. If you want to handle more financial responsibility, opt for a policy that will cover your debts, medical expenses, or estate costs when you pass.

2. Replace Your Income

If you have dependents like small children or a spouse who stays at home, a life insurance policy will ensure they’re cared for after you die. Depending on the plan you choose, your family may receive hundreds or thousands of dollars upon your death. This is especially valuable if you currently receive government or employer-sponsored benefits that would be reduced when you pass.

3. Pay Federal Estate Taxes

Your beneficiaries may have to pay estate taxes when they receive your assets. These charges will be taken out of their inheritance and can be up to 40% of the total. You can help your family keep their inheritance by getting a life insurance plan. This type of policy can be used to cover the taxes, so your beneficiaries won’t have to liquidate their new assets.

If you want to acquire life insurance, contact the team at Meyer & Cook Insurance Agency, LLC, in Walnut Grove, CA. These insurance agents have provided a variety of policies to residents throughout the Central California Counties since 1922. They offer comprehensive products from leading carriers, like Allstate®, Progressive®, and Nationwide®, and they’ll compare rates to get you the best deal. Get more information about their policies online, or call (916) 776-1751 to request a quote from an insurance agent.