When people think of life insurance, they picture it covering their final expenses such as unpaid debt and funeral costs. That may be the reason why so many people make the mistake assuming that life insurance isn’t much of a practical necessity. But there are many other uses for life insurance, depending on the type of policy.
When it comes to covering a living need, with many life insurance policies income protection can be a lifesaver. Income protection coverage can take care of some of your expenses if you are unable to work because of an injury or illness. Unlike medical insurance, which is specifically to pay for medical expenses, income protection is used as a temporary income stream for day to day needs like utility bills and groceries. Income replacement amounts are usually calculated based on the amount of you and your spouse’s income combined.
Many life insurance policies can also help you when you are saving up for retirement. Life insurance can help you build your inheritance as well so that you can leave something behind for your beneficiaries. If you are still a long way from retirement, then some life insurance policies can offer coverage to help with student loan payments.
Lastly, many people don’t know that life insurance can also help with paying the rent and mortgage. Life insurance can help you save your house from foreclosure or keep within your budget. These are just a few examples of ways that life insurance can help you while you are still alive. It’s good to talk to a consultant that can give you more information.
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, Twitter, and Pinterest.