Having a Life Insurance policy to protect your loved ones is regarded as a sound financial planning tool. There are numerous benefits of having a life insurance policy, including:
- To protect your loved ones from income loss and financial catastrophe. Whether you have young children, a spouse or even elderly parents that depend on your income, in the event of death your Life Insurance policy can serve as a partial replacement for that lost income so that your loved ones do not endure financial crisis.
- Life Insurance can pay for your final expenses, such as burial costs, estate planning and administration costs, debts and medical expenses, so that your loved ones will not be unexpectedly burned by these costs.
- Life Insurance can be an inheritance to your heirs even if you currently have no assets.