Life insurance is something many people in many situations and different stages of life should consider.
Even knowing this, you can always ask why life insurance is a good fit for you. Check the following list to understand what types of life insurance can cover expenses. You and your family will have greater peace of mind knowing exactly why life insurance can play an important role in the future.
7 things life insurance can cover
1. A stream of income. Your family depends on your income to meet daily needs such as food, medical care, utilities, car payments and more. If you die without a way to replace that income, the current level of life could be in danger.
2. A mortgage. Could your family pay the mortgage of your house without your salary in the image? Otherwise, an already grim situation would be aggravated by the possibility of losing the home they love. It could also mean that your children could no longer attend school in their current neighborhood or maintain friendships they currently have.
3. A college loan. college tuition rose faster than inflation and so has student loan debt. Many private lending institutions do not forgive student loans in the event of death. This means that the debt can reduce the amount of assets available to pass to the beneficiaries of the estate of a deceased student. It could also lead to repayment obligations for any person who has agreed to be a co-signer on the loan.
4. US Department of Agriculture says a child needs. it costs $ 245,340 to raise a child who was born in 2013. To ensure that there is enough for each child is something both a job and stay at home parents should take consideration.
5. An enterprise. The right life insurance is essential if you own a business. This is especially true if a business partner. If one passes away, it is advantageous to have funding in place for the surviving partner to buy the participation of the deceased partner in the company. Funding must also be set up to help a company survive after a key partner passes. Finding the right person may take time and company resources can not have no life insurance.
6. retirement. Many experts recommend that you must wager 11 times your annual salary to retire at age 65 (you'll need more if you are not working up to 65 years) without enough savings or 'life insurance, your surviving spouse may not have these golden years.
7. funeral expenses. The median price of a funeral is over $ 7,000. Funeral directors say families without sufficient funds are forced to reduce the service or ask friends and family for donations.
life insurance needs vary from person to person. If you are interested in learning that one is right for you, contact a professional as an Erie insurance agent in your community. They can tell you why life insurance could be a good option for you and help you find the right coverage at the right price.
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