If you have debts – or people who depend on you financially – you likely need a life insurance policy.

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 :

  1. Replace some or all of your income
  2. Repay debts or continue debt repayments on mortgages, loans, and credit cards.
  3. Pay for child care and any future education costs for your children.
  4. Cover funeral and estate costs, such as probate fees and capital gains taxes that may be due.

Questions to ask yourself:

  1. If you are a main or co-breadwinner, will your family still have the money they need to cover day to day expenses?
  2. If you are a full-time caregiver, will your family be able to cover the cost of child care if you’re gone?

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