The world’s latest pandemic, corona virus disease of 2019 (COVID-19), should prompt all Americans to consider our estate plans. Even if you aren’t concerned about passing away from the virus, it’s important to give your loved ones peace of mind during uncertain times. For those of us who are unsure where to get started, life insurance should be one of your first considerations.
Why Life Insurance?
Pay off Debts
Life insurance policies can pay a lump sum death benefit to make sure your loved ones aren’t burdened by any debts you may leave behind when you’re no longer here. It can even help your beneficiaries pay debts that they may currently have.
Provide for Your Children
If you are a new parent, one of the first things you should do when entering parenthood is to make sure your life insurance policy will provide financial security to your children in the event that you pass away. Cover their education and lifestyle until they are able to get established. They may find themselves in a situation such as the current pandemic, where many people are being furloughed and out of work due to quarantine and social distancing measures. Certain situations may arise that may make it hard for them to pay their rent or cover necessities.
Nowadays, maintaining a household requires the income of both spouses. One of the many uses of life insurance is to protect the flow of funds for a surviving spouse. Have you ever considered how your spouse would survive if the income you bring to your household suddenly stopped?
Cover Your End-of-Life Expenses
Funerals can easily cost thousands of dollars. At minimum, you should have a life insurance policy that can cover expenses such as a casket, your ceremony, and your burial plot.
Secure Your Business and Passion Projects
If you are an entrepreneur or have a particular project you’re passionate about, your businesses and projects will be apart of your legacy. As a business owner, you need to think about more than just your family, you need to consider your work and your employees (if you have any). Life insurance can be used to protect your business and secure your assets.
The Sooner You Get Covered, The Better
Many Americans put off getting life insurance in the face of other debts such as mortgage payments, student loans, and car payments. However, while paying off current debt is critical, putting off buying life insurance has a significant economic impact, much like delaying saving for retirement. It is always cheaper, and sometimes substantially less expensive, for a younger person to buy insurance than an older person. This means the potential benefits of insurance can be just as large and cost much less or may be much larger and cost about the same. In other words, life insurance for a 22-year-old is a better proposition than life insurance for a 55-year-old.
Get Started Today
Getting life insurance coverage is a relatively easy process. Getting a free quote and choosing the right coverage for you can take as little as little as 10-12 minutes. Some companies are even able to get you covered without a medical exam. Don’t let another pandemic happen without having proper coverage in place for your family and business.