You may spend a great deal of time making plans for the important things in life - spending time with loved ones, buying a dream car, starting a business, buying your first home, having a baby, etc. And while health, homeowner's and car insurance are requirements of state and local governments or financial institutions, these policies are a way to prepare for unfortunate "worst of times" scenarios.
Insurance can protect you and your loved ones from costs you couldn't possibly pay on your own. If disaster would strike and leave your home, your health, or even your car destroyed, insurance would provide the needed funds to rebuild, replace, or repair what is needed (or to treat your medical situation for as long as is needed).
The Option of Life Insurance
Life insurance, however, is not required for anyone to buy. It is left up to the individual to make decisions about the purchase as well as the type of insurance and optional coverages. Nearly half (44%) of Americans didn't have any life insurance in 2013, according to LifeHealthPro as cited in TapInto.
What will happen to your family and loved ones if you die without having life insurance in place? How will your spouse replace your income, send the kids to college, or prepare for retirement without your help? For many households, both incomes are required to make ends meet. Life insurance is a tool that can provide that second income if the worst (your death) should happen.
How To Prepare for the Worst
It is also important to have a will that specifies who you want to get your assets if you pass away. You may think it's obvious that your spouse or your kids will inherit your assets, but it's important that you have your financials set up properly in order for this to happen as you wish. Talking to a financial advisor or estate planner will help you get everything in order so that your wishes will be carried out.
Even small things can be made difficult by a sudden death when you're not prepared. Whose name is on bank accounts, house deeds, and even bills can make it more or less difficult to distribute assets and pay bills after you are gone. Since you designate a beneficiary and benefits are guaranteed, life insurance makes it easier to ensure that your family is well taken care of no matter what happens.
Weighing Your Life Insurance Options
There are different options for life insurance, from ultra-affordable term insurance to permanent insurance plans that can provide savings that build up over time. Looking at your current income and obligations as well as what would be needed to replace your income over a period of several years can help you decide how much life insurance you need to purchase. IntelliQuote can assist you in sorting through your options so you get the coverage you need to be sure that your family is protected even if the worst happens.
Start your quote with IntelliQuote and get peace of mind of knowing that your family will be taken care of if the worst happens.