Life Insurance offers peace of mind that your family will be cared for after you die. Permanent life insurance, such as whole life, guarantees that they’ll be taken care of if the unthinkable happens.
There are many reasons that people buy life insurance. They purchase coverage to cover final expenses, such as funeral and burial. They buy it to replace a wage earner’s income. They get coverage to provide money for a child’s education.
Imagine you were to die tomorrow. Could your family afford a funeral? Would your spouse be able to pay the mortgage? How much do you owe on credit cards? What would it mean for your child’s future education?
Permanent life insurance is there to help protect your loved ones when you die. Ultimately, it’s up to the beneficiaries how to spend the death benefit. Make sure to include specific information in your will if you want to make sure the money is spent in a specific way, such as your child’s education.