Why do I need life insurance?

You never want to be unprepared for what might happen. Planning for the future today can help protect your family tomorrow. Some reasons to consider life insurance include the following:

If you pass away, the emotional toll on your family will be severe. However, if you contribute to the household income, your passing would also be financially devastating to your family. If you want to be sure that your income would be replaced if you weren't around to earn it, then you should seriously consider purchasing life insurance to protect your family. It's simply the most cost-effective way to ensure your family is taken care of should something happen to you.

Unfortunately, many of us are living with substantial debt. If we lose our life, the debt doesn't go away; it's passed on to our surviving family members. Since you couldn't eliminate that debt while you were alive, it's unlikely that your family will be able to reduce it without your income. Life insurance can pay off a mortgage, cars, credit card bills, and any other debt that you accumulated so your family won't face an enormous financial burden after your passing.

Like everything else, it's becoming extremely expensive for a funeral these days. It's very common for a funeral to cost well over $10,000 here in San Antonio. Additionally, the deceased may have also accrued costly medical and legal bills. A life insurance policy would cover these final expenses so your family won't have to pay this money by themselves.

It can be extremely costly to put a child through college. Many plans exist to allow you to save for education expenses on a tax-favored basis. However, if you lose your life, the funding would probably fall short. Life insurance can provide a lump sum of money to help get your children the education they deserve.

Higher net worth individuals will often use life insurance to efficiently transfer their wealth to their families. Estate and income taxes can claim 75% or more of your assets. Life insurance death benefits are not taxable to your beneficiaries and can be used to protect your estate so your family, not the government inherits your assets.

Not all of us are wealthy. However, through life insurance, for pennies on the dollar, we can leave behind substantial amounts of money and create a personal legacy. Funds can be designated to provide for your family generations into the future, or to make sizeable philanthropic contributions to charitable, religious, or educational institutions of your choosing.

Life insurance can compensate a company upon the death of a vital employee to provide operating capital in their absence, and additional funding to recruit and train a replacement. Life insurance can also be used in partnerships to provide a surviving partner with the resources to buy out the deceased partner's share of the business.

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