Life insurance is one of the most important insurance policies that you can invest in. It is also one of the most overlooked. The payout of the policy, or death benefit, can provide the financial cushion that your loved ones need after your passing. The death benefit can help to cover the cost of many situations, including:
- Your income – when you are gone, your family will no longer be able to rely on your income to help pay for everyday things, such as bills and food. Your loved ones will not be able to continue their current lifestyle without the death benefit from your policy.
- Mortgage – if your home is not paid off, your family could lose the home if they relied on your income to pay the mortgage. Using the death benefit to pay off the mortgage can help to make sure that your loved ones are able to stay in the family home when you are gone.
- College loans – the cost of college rises each year. Using the death benefit to cover the cost of student loans will help to make sure that your children get the best education possible.
- Children’s needs – the average cost of raising a child is over $200,000. The death benefit from your life insurance policy will cover the necessary costs for your child, including school and day-care.
- Business – if you own a business, even if your have partners, your family could lose their stake in the business after you are gone if they cannot provide the funding.
- Retirement – your spouse may not be able to retire without the death benefit of your life insurance policy, especially if you had not saved enough money in your retirement account.
- Funeral expenses – the average cost of a funeral is more than $7,000. The death benefit from your life insurance policy can help to ensure that you are able to get the funeral that you deserve.
Contact the insurance professionals at DG&M Agency in Rochester, New York for all of your life insurance coverage needs and to ensure that your family is well taken care of after you are gone.