Along with your savings and investment strategy, life insurance should be part of your long-term financial planning.
You may not like to think about it, but your death can be costly to your loved ones. At the very least, there will be funeral and burial costs. There may also be estate taxes and outstanding debts to pay, such as medical expenses not covered by health insurance. If you have dependents, they will have to cope with these costs while no longer having your income to rely on. The proceeds from a life insurance policy can be of tremendous value at this time. It will provide economic assistance to your family so they can pay off the mortgage, college tuition and other ongoing expenses and maintain their current lifestyle.
There are many choices when it comes to life insurance and over 1,500 insurance companies to choose from, so it is important to work with a knowledgeable insurance agent or company representative.
