Nothing in life is certain which is why making sure your loved ones are cared for is important when the unexpected happens.
Life insurance can be a confusing topic in general but especially when it comes to how having life insurance can make you and your family more financially secure.
How Life Insurance and Financial Security are Connected
When you think of life insurance you may only think of covering funeral expenses but it can help ensure the financial security of your loved ones beyond that including the following:
Supplementing Retirement Income if Necessary: Certain types of life insurance have a cash value component that can be accessed while you’re alive. While life insurance is intended to provide a benefit to your loved ones after you’re gone, you can tap into it if needed during retirement or other financial emergencies that can impact your overall financial security.
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Education Fund for Future Generations: Maybe you never went to college but you dream of your grandkids attending. Your life insurance payout can help fund their education even if you’re not there to support them financially. Education can impact the job a person gets and their financial futures.
Debt and Expense Coverage: Life insurance can help alleviate the burden of outstanding debts like mortgages, personal loans or credit cards after you pass away. When a beneficiary receives a death benefit, it can be used to pay off these expenses.
Income Replacement: If you are the primary breadwinner in your family, your passing could leave your dependents in a challenging financial situation. Your life insurance beneficiaries can use what they receive as an income replacement to help cover daily living expenses, childcare costs and other essential needs after you are no longer alive so your family can move ahead.
Click here to read our blog about finances and the death of a spouse and the 14 things to do now.
Want more? Read our blog, What’s the Difference Between Term Life vs. Whole Life Insurance?
Colonial Penn is here for you!
Colonial Penn has specialized in making life insurance simple and accessible by offering it directly to consumers since 1957. Click here to learn more.