A lot of people wait too long before buying a life insurance policy.
There’s a lot of reasons why they delay – young people, with their natural sense of invulnerability, are particularly prone. Many electrons are spilled on websites detailing why this might be, but in this case, let’s consider reasons why you should by an insurance policy, particularly as part of your overall financial planning strategy. Don’t worry, it’ll be good for you.
If you’ve just had children, now is the time to buy yourself a solid life insurance policy. In the event of your untimely death, the insurance disbursement could cover the host of expenses that keep the lights on, food on the table, the kids in school and a roof over your loved one’s heads. Even if your spouse is well employed, their salary might not be enough to meet your family’s immediate needs.
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Family structures can be complicated these days. Life insurance can play a role in covering complex responsibilities. For example, a second spouse could be designated to receive the life policy payout at your death, while other assets could be directed to children from a previous marriage. There are innumerable ways in which life policies can be employed to sort out the problems of a complicated family structures.
Many people’s assets are structured in ways that make a major tax hit likely on their demise. A life policy can be put in place with the intention of using the payout to meet the tax bill. Other lurking expenses, including debt, other tax liabilities, burial expenses and so on can be provided for, as well.
For more information, please read:
4 Reasons You Should Consider Life Insurance As A Planning Tool | Forbes