While most understand the importance of securing life insurance, there are still some that believe that they can forgo this coverage. If you fall into the latter category, then you are leaving your loved ones vulnerable to major financial risks. Here are the main reasons why you should get life insurance today.
It Covers your Debts
Your life insurance benefit can be used to pay for all of the debts and financial obligations that you leave behind. For instance, your insurance will pay for things like student loans, credit cards debts, and home mortgages. Without life insurance protection, your loved ones would be left to shoulder this financial burden on their own.
It Covers Your Lost Income
When you select your life insurance benefit amount, you can secure enough coverage to make up for years of your lost income. This will ensure that your family can still pay for everyday expenses like groceries, utility bills, and child-rearing supplies even without your financial contribution to the household.
It Covers Your Final Expenses
With the average cost of a funeral and burial hovering around $7,000 to $10,000, your final expenses are nothing to scoff at. Fortunately, your family can use a portion of your life insurance payout to cover the cost of your funeral and burial.
It’s Cheaper When You’re Young and Healthy
Your current age and health play a major factor in determining your life insurance rates. The younger and healthier you are, the cheaper your rates will be. By securing life insurance earlier rather than later, you can lock in lower rates than you will ever have access to in the future.
This is why you cannot afford to skip out on life insurance. Need help securing the right life insurance to meet your needs? If so, then contact the experts at Phocus Insurance in Phoenix, Arizona for assistance today.
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