Life Insurance: Do you NEED it? 8 Reasons why you DO!!!

Although it is arguable whether everybody needs life insurance, it is, without a doubt, a necessity for most people.

If you have a family, partner or other relatives who depend on your income to cover the mortgage or other living expenses, then you should definitely get life insurance. And although our own death is not something we really want to be thinking about, the thought of leaving behind loved ones without a financial nest egg has got to be worse.

Here we reveal to you the top ten reasons why you should get life insurance TODAY!

1. If you were to die suddenly, whether it be from an accident or an unexpected illness, life insurance will help pay for any outstanding debts you may have for example, mortgage repayments, car payments, credit card bills or future schooling costs for your children.

2.Taking out life insurance is a great way to leave money for your family as an inheritance or for a charitable cause. If you chose to donate to charity it is likely that the amount will be much larger that you would otherwise have donated when you were alive. Unlike capital gains, death benefits and charity donations are not usually taxable.

3. When you retire it is likely that you will be given the choice of receiving a higher pension in exchange for agreeing that your pension will stop when you die.? If you have taken out a life insurance plan you can be safe in the knowledge that your family members will no longer need your pension after you have died. Put simply, your retirement savings can literally last as long as you do, as you’re family will be covered by life insurance instead.

4. If you own your own business and would like it to continue running after your death, then life insurance can help. It can protect a business from financial loss, liabilities, instability and it’s continuation. It may be that your family/business partners need a short-term cash injection to keep operations going and it will prove invaluable in maintaining the business you have worked so hard to build. If you own or co-own a business, then life insurance that benefits the company is the best way to protect the future of your company.

5. It may be that there is an estate to be settled after your death. insurance for this purpose is generally amongst larger estates and is better suited for whole term insurance policies which ensures coverage until the end of your life. Death benefits are paid immediately upon death, which means money can be used to pay for costs related to the estate while it?s being settled. Estate taxes can be huge, so having an insurance plan in place to pay them is a necessity if you want to avoid jeopardizing assets or funds which have been built in for retirement.

6. You do not want your family to be worrying about how they are going to find the money to pay for your funeral at a time when they are already coping with a difficult and emotional time.? Funerals are expensive, but life insurance will pay any costs, taking the financial stress? and hardship away.

7. Life insurance is considered to be a financial asset. It will help increase your credit rating as well as help you to get a loan or health insurance. The majority of policies have a cash value, which even if you were to be made bankrupt cannot be touched by creditors.

8. If both you and your partner are employed, how much would you and your family be affected if suddenly one of those incomes stopped? If you could not cope on one salary then life insurance is an absolute must! It is also worth considering that even if you are a one income family, how would you cope with the time and costs associated with childcare and domestic tasks if one of you were to die?

Life insurance will give you that extra security so you don’t need to worry about these questions. If you care about your family and you want to continue providing for your family, even when you are no longer around, then you need life insurance. So in answer to the big question: Do you need life insurance? Chances are YES you do, so don’t delay get life insurance TODAY!