Death is an uncomfortable subject for many people, but it is also a reality of life. Purchasing life insurance can be an important component of preparing for what happens to your loved ones after you die. If you are considering purchasing life insurance, include these three benefits in your decision-making process.
1. Financial Support for Your Dependents
If you have a spouse or children who depend on your income, purchasing life insurance Tucker GA, helps ensure that the people who depend on you can still afford a place to live, food to eat and a college education after your death. When considering how much insurance to purchase, think about your family’s lifestyle, how old your children are and other factors, such as whether money may be needed to support your aging parents or adult children.
2. Pay Your Final Expenses
Life insurance can be used to pay expenses, such as your funeral and burial costs, estate administration fees, estate taxes and any outstanding debts you may have that would otherwise come out of your estate. This money can reduce the chance of there being any additional financial burden on your family and increase the amount of inheritance your heirs receive.
3. Benefit Charitable Causes
By making a charity the beneficiary of a life insurance policy, you can boost the amount of money you will be able to donate over the amount they would get if you just donated what you are paying in premiums. This can also be a good option for single people who receive life insurance as part of their employee benefits and have no dependents relying on the money.
The primary benefit of life insurance is to replace your income so that your family can maintain their lifestyle after you die. However, life insurance can also be used to cover your final expenses and benefit charitable causes.