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Why Your Family Needs Life Insurance

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Life insurance is something that many people overlook. In most states, you are required to purchase auto insurance. If you are lucky, you can get health insurance from your place of employment. Life insurance is something that people tend to put off, perhaps until when they have a little extra money to spend on it. However, there are many good reasons why you, and your family, need life insurance.

A life insurance policy provides some financial assistance to your family if you, the insured person, passes away. Term life insurance policies can be used to help your spouse pay off the balance of your mortgage. It provides an assurance that your spouse and children won't end up losing the house after you are gone.

Life insurance can also be used to replace the lost income of the deceased person. You and your spouse planned a life together, and that life very likely required two incomes in order for it to continue. A life insurance policy can provide you, and your spouse, with peace of mind. You can rest assured that the lifestyle and standard of living that your spouse and children are accustomed to can continue after you are gone.

One of the most immediate things that a life insurance policy is designed for is to cover the final expenses of the insured person. No one wants to have their family struggle to cover funeral expenses, burial costs, and the medical bills that your health insurance policy didn't cover, especially while your family is grieving for your loss. Your life insurance policy will cover those expenses, and ease the burden on your family in this extremely emotional time.

It is important to note that a life insurance policy is designed to cover only one person. This means that your life insurance policy is only going to step in and provide assistance in the case of your death, but will not help if your spouse dies. Instead, your spouse needs to be covered by a separate, individual, life insurance policy.

Some parents will start a life insurance policy on each of their children when the child is an infant or toddler. This is useful for several reasons. If the unthinkable occurs, and your child passes away, the life insurance policy can cover final expenses. For most parents, the life insurance policy becomes something that they can give to that child after her or she becomes an adult. Your child has the opportunity to start his or her adult life with the protection of a life insurance policy. Your child won't even have to go through the trouble of applying for one. Just make sure the premium continues to be paid each month.

It is possible, in some cases, to use a life insurance policy to help fund a college education. The death benefit on a life insurance policy can be invested. If things go well, this amount of money can grow over time. Cashing out this policy is one way to help your child pay for his or her college education. It seems like every year it becomes more and more expensive to pay for college. A life insurance policy can turn into a way to really help your child have a better future.