But noted financial and insurance writer Jennifer Streaks explains to us why this is not an option, but a necessity for families and singles that can afford it.
1.) To Protect Your Family & Loved Ones
If your loved ones depend on your financial support, then life insurance is a must, because it replaces your income when you die. This is especially important for parents of young children or couples whose partner would find it difficult if they no longer had their partner’s income.
2.) To Leave An Inheritance
It is possible to create an inheritance by buying a life insurance policy and naming your heirs as beneficiaries. This is a great way to set your kids up for a solid financial future and provide for any monetary needs that will arise.
3.) To Pay Off Debts & Other Expenses
In addition to providing income to cover everyday living expenses, your family needs insurance to cover any outstanding debts, like the mortgage, credit cards & car loans. In thinking about covering everyday debts and expenses, there is a vehicle called supplemental life insurance that makes payments to you while you are out of work due to an accident or illness (more on that later).
4.) To Add More Financial Security
Like most parents, you probably want to know your kids will be well taken care of when you are gone. Additional coverage can provide for a quality college education and other life events like getting married or starting a business.
5.) To Bring Peace of Mind
No amount of money can replace a person. But life insurance can help provide protection for the uncertainties in life. Having life insurance will give you and your family peace of mind. It is one thing you can be sure of and not have to question if your family will be taken care when you are gone.
Besides life insurance, it is wise to have supplemental insurance. Supplemental insurance provides income in the event of an accident or illness. This is another way to protect your family. If you get sick or injured and are out of work for a period of time, a company like Aflac, will pay you a cash benefit to cover expenses such as household bills or groceries. Expenses that regular health insurance does not pay. The amount they pay depends on the severity of the injury or illness. A cash payment like this will keep your household running even though you are out of work due to a health issue.