Prestizia Insurance Blog
Buying life insurance isn’t always a top priority for most people. However, once you understand its benefits and how it can help you with your finances, it’s easy to consider getting a policy. In general, there are several reasons why people decide to get their lives insured and here are the top three.
To Replace Your Income
Your family and dependants rely on your income for their daily expenses including food, utilities, medical bills and more. There are also other things to consider in the future such as college tuition fees or divorce settlements. In the event of your death without any plans on how to replace your income, it can put your loved in a financial risk. If your children are still young, your spouse might have to give up taking care of them to find a job.
The coverage of your life insurance relies on two factors, your compensation and the years left until your retirement. The insurance agent will also consider your social security, your savings and your spouse’s income upon writing the policy. It’s better to get the amount that you really need but the most important part is to get yourself insured.
Your Final Expenses
This type of expenses refers to those that are needed after someone’s death. This includes funeral preparations and essentials like your casket, cremation fee and many more. In this case, you may want to consider getting a life insurance to cover these expenses.
Remember, the average price of a funeral including a casket is over $6,000. Families who do not have enough money for funeral expenses are forced to solicit money or ask for donations. This does not need to be a burden to you loved ones if you have life insurance prepared to cover expenses.
Paying Off Your Mortgage
A mortgage can be the most expensive obligation in your life that you have to pay off. That being said, you need to think if your family can afford it when you pass away. If the answer is no, your family can lose the house upon your passing. This can lead to your children having to quit school to relocate to another city.
Getting life insurance can also cover mortgage payments in the event of your death. This way, you can have peace of mind that your loved ones can stay in your home for the rest of their lives.
These are the most common reasons why people get life insurance. If you read carefully, you will find that most of these reasons are not for personal gain but for your family and loved ones. To make sure that you get the best benefits and offers, get a trusted insurance company to take care of your needs.
At Prestizia Insurance, our mission is to ensure that we protect our clients and offer them policies that they can afford. Learn more about our products and services by calling our agency at (855) 436-6353. You can also request for a quote by CLICKING HERE.