If you have debts – or people who depend on you financially – you likely need a life insurance policy.
Why get life insurance policy?
Life Insurance policy can help ensure your family will be able to maintain their lifestyle if you were to die unexpectedly. Tax- free life insurance payment that is made upon your death can be used to :
- Replace some or all of your income
- Repay debts or continue debt repayments on mortgages, loans, and credit cards.
- Pay for child care and any future education costs for your children.
- Cover funeral and estate costs, such as probate fees and capital gains taxes that may be due.
Questions to ask yourself:
- If you are a main or co-breadwinner, will your family still have the money they need to cover day to day expenses?
- If you are a full-time caregiver, will your family be able to cover the cost of child care if you’re gone?
