As part of this years Life Insurance Awareness Month, LIFE (The Life and Health Insurance Foundation for Education, a non-profit organization dedicated to educating the public about life, health, disability and long term care insurance) has produced a great piece about the importance of life insurance and the way it provides security for families. Visit www.lifehappens.org if you would like to see the original article, The Seven Wonders of Life Insurance, and some great supporting videos. In the meantime, here are the key points made in the article:
Many people purchase life insurance to pay for funeral and other final expenses. With proper planning, life insurance can provide much more for your family. Here is what life insurance can do for you:
- Life insurance can buy time.
It affords your family and loved ones the time they need to grieve. Without life insurance, they might need to scramble to come up with the funds to pay for final expenses.
- Life insurance provides a fresh start.
It allows your family to pay off debt (including the mortgage) so they can start with a clean slate.
- Proceeds from a life insurance policy can generate income
Your family might choose to invest the death benefit in a conservative investment and live off the interest for years to come, leaving the principal intact.
- Life Insurance can offer flexibility.
Your surviving spouse can take time off of work, if needed and/or perhaps switch to a new job that offers a more flexible work schedule, leaving more time to care for the family.
- The funds from a life insurance policy can create opportunities.
They can provide funding to start a business or pay for schooling to train for a new career.
- Life insurance can fund the future.
It offers a way to fund long-range goals like a college education for the children or to fund a retirement plan for a more-comfortable retirement.
- Life insurance can leave a legacy.
It gives parents a chance to leave future generations with the legacy of long-term financial security.
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