Life insurance is one of the most important financial safeguards a family can have. Many of today's households live paycheck-to-paycheck, relying on the income of one or two supporters in the family to meet daily needs. Ask yourself what could happen to your loved ones if you were no longer there to meet their financial needs. Then, consider how life insurance can be life-saving to your loved ones.
It Pays for Basic, Everyday Needs
Are you depending on your next paycheck to pay for groceries and utility bills? If so, your family is dependent on you for these needs. Without you, they may struggle to pay for basic necessities. Term life insurance, which can be in place for a short while if you like, can help minimize these risks.
It Can Pay Off Your Mortgage
The mortgage may be the biggest financial hurdle for your family each day. But it could be paid off if you were to die with a high-value life insurance plan in place. Your family could use the funds to pay off the mortgage, which frees up income for other expenses.
It Can Pay for Your Child's Education
You have hopes and dreams for your child, but without the financial ability to pay for them after a loss, your family may need to make changes. This may hinder educational endeavors. Your life insurance, on the other hand, can help fund college and other expenses.
It Can Help Fund Medical Bills
When young individuals pass away, the financial toll may extend to medical bills related to accidents or long-term illness care. These debts remain even if you are not there to pay for them. Life insurance can help cover them.
It Helps Meet Your Loved Ones’ Needs
Finally, your family may be able to turn to the funds from such a life insurance policy to pay for their own medical needs. Depression, anxiety, counseling and even medications may be necessary to help them to cope with grief.
Of course, life insurance isn't something you want your family to ever have to use. However, with it comes the financial freedom of paying off debts, including credit cards and unexpected expenses. It gives you peace of mind knowing that your loved ones will be okay.
Is this coverage right for you? Call McFarlin Insurance Agency at (410) 312-7800 for more information on Maryland life insurance.
How has your term life insurance policy benefited your family? Let us know in the comments section below.