Why is Life Insurance So Important? Check Out These 5 Reasons
Whether you have a spouse and children or are single, whether you are old or young, life insurance is still a necessity. While it’s importance might easily be overlooked when you have so many other things to spend money on, make note of the following reasons why you should have life insurance.
- First of all, you don’t know when you’re going to die. You could get involved in a tragic accident and die unexpectedly or get an illness that quickly takes your life. Life insurance helps cover bills, such as your mortgage, which can help ease financial stress on your loved ones in the event that you pass away.
- Life insurance also helps to cover the cost of your funeral. An average funeral is very expensive at $7,000 to $10,000 on average. Without insurance, this amount can be a large burden on your family.
- Having life insurance can help your dependents cover any remaining financial debt, keeping them from taking on your debt.
- Through your insurance you can leave a sizable gift to a charity or cause that you are passionate about.
- Your insurance is considered a financial asset. This can help you increase your credit score, allowing you to take out a loan or even get health insurance. Often times your insurance plan will have a cash value. This cash value cannot be touched by creditors, even in the face of bankruptcy.
Whether you’re looking for personal, business, life, health, workers comp, NJ teachers auto insurance or restaurant insurance, we’ve got you covered at Schumacher Insurance Group. Please contact us for more information about our policies and how we can best serve you.