Why Life Insurance isn’t for you. It’s for them.

As the breadwinner in the family, it is your responsibility to provide for your family – even in the event of your untimely death. Life insurance – term or whole – offers an affordable way to accomplish this goal should the unthinkable happen. Here are just three reasons why life insurance is not for your benefit, but for those you hold dearest:

Immediate Costs – Even the smallest of funeral services and other final expenses can rapidly add up to thousands of dollars or more. Relatives must be flown in – never a small expense at the best of times but often outrageously so on a moment’s notice – the deceased remains must be dealt with and guests and relatives taken care of.

Income Replacement – On a longer term basis, your significant other must be provided for after the other relatives and guests have returned to their lives. In particular, a stay at home mother may not be able to return to the work force if they have small children. Similarly, an elderly widowed wife need not look for an additional source of income if a suitable amount of life insurance is secured. Instead, the death benefit can be invested in relatively stable, income-producing assets that replace the income of the deceased.

Mortgage Protection – Usually the mortgage is the single largest cash outflow for any family. Unfortunately, most mortgages run for 30 years and are rarely paid-off when the primary breadwinner passes on. The right type of life insurance can eliminate this issue. Concurrently, it will lower the amount of income needed by the survivors. In short, your family will have a secure place to live for the rest of their lives.

Family Support– If you aren’t the primary breadwinner in the family, you are still very valuable financially. If a stay-at-home mother (or father) passes away, the spouse may need to obtain additional care for the children.

A Final Thought – While the chief benefits of life insurance are primarily for your family, it does offer you one outstanding benefit – peace of mind. There is no need to worry about your family if an accident or illness should take you before your time. Considering the alternative, life insurance is a must-have for any responsible head of the household.

The best time in your life to buy life insurance is always now. The younger and healthier you are when you buy life insurance, the better the policy options. To discuss the best options for you and your family, call the professionals at The Marcus Group.