No matter how old you are, life insurance coverage is crucial. Let’s say that you recently got married. It’s important to have life insurance in case anything should happen to you or your spouse. Life insurance becomes even more important when you are thinking about having children, or you want to be sure that your children will be taken care of when you can no longer look after them.
Covering Final Expenses
It’s only natural to start thinking about final expenses as you age. However, it’s never too early to keep that in mind as you consider your life insurance policy options. Depending on how much coverage you have, you and your surviving family members won’t have to spend as much when it is time to make arrangements for the casket, the funeral itself, any memorial services, and the possibility of forgoing burial and choosing cremation instead.
Income protection is another important part of life insurance protection. When you have to miss work due to an illness or an injury, your policy can help provide an extra income stream. You won’t necessarily need to use your insurance money to pay off medical bills; you can use it to address other urgent needs, such as groceries, utility bills, or college tuition for your children. The amount of income protection and income replacement you receive will typically be calculated based on the amount you and your spouse make together.
Paying Off Mortgages
Paying rent and the mortgage on your home is also something you can do with your life insurance money. That way, you won’t have to adjust your existing budget. Your family won’t have to worry about losing the home that you’ve cherished for so long.
Other Reasons for Life Insurance
There are other reasons you will need life insurance. If you want to build up an inheritance for your future beneficiaries, life insurance can help you do that. When you want to have some money set aside for when you retire, then life insurance can help you with that as well. Lastly, life insurance can also help with student loan payments if that becomes necessary.
Get in Touch with Wachter Insurance
Whether you need homeowners’ insurance or auto insurance, our team at Wachter Insurance Agency, Inc. is here to help. We offer all of our clients competitive rates, professional customer service, and a huge range of policies to choose from for your needs. We have been serving Maryland, West Virginia, Virginia, Pennsylvania, and the District of Columbia since 1969 and we would love to help keep your home and family safe every day of the year. For more information, call us at (301) 371-6335 or visit us online. For more blogs like these, follow us on Facebook, Google+, Twitter, and Pinterest.