Why is life insurance so important?
One reason is it offers protection for you as well as your family! With proper coverage in place, it ensures you and your family are protected from financial hardship if the unexpected were to happen.
Future planning: the whole point to buying life insurance is to make sure all of your arrangements are taken care of before you pass. Here are a few reasons you need and should have a life insurance policy:
✔️To protect your family and loved ones: A life insurance policy is great for many reasons and one of the most popular ones is to protect your family. Your loved ones will be dealing with emotional stress and having a life insurance policy will help eliminate financial stress
✔️Cover final costs such as funeral and burial expenses so your loved ones don’t have to pay out of pocket when you pass
✔️Paying off debt: maybe you have a school loan, mortgage or someone co-signed for your car/home. Having life insurance will cover these costs and protect your family and/or dependents
✔️Supplement coverage from your employer: usually coverage through work plans aren’t sufficient enough to cover all of the expenses. Not to mention if you leave your job, you will be left without the coverage
✔️ To bring peace of mind
✔️ To leave an inheritance
Although everyone’s needs are different and we cater each plan to the individual person, you can use the D.I.M.E method as a guide to determine your insurance needs. Here’s how it works ⬇️
D – The cost of final expenses aka funeral costs.
I- Income replacement. This means, if your loved ones depend on your income for their livelihood, your income would need to be replaced if something happened to you.
M – Covering the cost of paying off your mortgage or paying off other debts
E- Kids education or inheritance. Chances are you want your family to be well taken care of when you’re gone, this is something that should be considered when choosing your insurance coverage.
Not sure which policy is best for you? Contact us for a free quote or consultation
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