Make Life Easier for Your Spouse
A life insurance policy pays a tax-free cash benefit to your beneficiaries upon your death. In situations where two parents working, or one parent is a stay at home mom or dad – income replacement may be an immediate necessity. If you have young children you may also need to hire help for domestic tasks and childcare.
Pay Off Household Debts
In addition to providing income to cover everyday living expenses, your family may need life insurance to cover debts like a mortgage so they won’t have to sell the house to remain financially stable.
Pay Your Estate Taxes
Some estate taxes can be steep, so having insurance in place avoids jeopardizing assets or funds that are earmarked for the retirement of your significant other, or bequests left to loved ones.