If you have a partner, children or someone who relies on you for help or income, then you should consider long term insurance for the following reasons:
TO PROTECT YOUR FAMILY AND LOVED ONES
If your loved ones depend on your financial support for their livelihood, then long term insurance is a must, because it replaces your income when you die.
TO LEAVE AN INHERITANCE
Even if you don’t have any other assets to pass to your heirs, you can create an inheritance by buying a long-term insurance policy and naming them as beneficiaries. This is a great way to set your kids up for a solid financial future and provide for any monetary needs that will arise.
TO PAY OFF DEBTS AND OTHER EXPENSES
In addition to providing income to cover everyday living expenses, your family needs insurance to cover any outstanding debts, like the mortgage, credit cards and car loans.
TO ADD MORE FINANCIAL SECURITY
Like most parents you probably want to know your kids will be well taken care of when you’re gone. You not only want them to get a quality college education, but to provide for other life ventures like getting married or starting a business. For this reason, additional coverage is absolutely essential while your kids are still at home.
TO BRING PEACE OF MIND
We can’t know when we’ll pass away. It could be today, tomorrow or 50 years from now, but it will happen eventually. No amount of money could ever replace a person. But more than anything, long-term insurance can help provide protection for the uncertainties in life. Without a doubt, having long-term insurance coverage will bring you and your family peace of mind.