The death of the primary breadwinner isn’t just emotionally traumatizing; it has a long-term impact on the household and its members. The sudden loss of income can have devastating consequences on all dependents and their quality of life.
Life insurance provides financial protection during unforeseen circumstances. It can be structured to pay out a lump sum to the beneficiaries after the death of the policyholder.
There are several benefits to investing in a life insurance policy. The most important ones are providing for dependents and paying off the mortgage and other long-term debt.
You wouldn’t want your family to be forced out of the house while it’s struggling with the death of a loved one; life insurance policies make sure your family has the funds to repay the mortgage even after you’re gone. If you have a family with young children who want to pursue higher education, you can count on a life insurance policy to help them meet their financial needs.
Even when only one partner is employed, both parents should consider getting life insurance to protect their children from the financial pressure caused by an untimely death. If the employed partner dies, the family loses financial income; if the other partner dies, the employed partner may have to reduce their work hours or pay for additional childcare support. In both cases, it makes sense to have a financial cushion in place.
Single folks should also consider taking out a life insurance policy because they never know when their circumstances will change. We suggest you don’t wait to buy life insurance policies because you could become uninsurable in the future due to unstable employment or health conditions.
Talk to SJG Financial Services today. We offer life insurance investment services in Santiago, MN,so you can rest assured your loved ones are taken care of.