Many people purchase life insurance as a means of financial security for their families and loved ones. If you have a mortgage, why do you need life insurance? You need life insurance because the cost of your mortgage will still exist if something were to happen to you. To prevent further financial burden on your family and loved ones, purchasing life insurance is one of the most responsible things you can do.
Life Insurance can help protect against many situations such as unexpected illness or injury that could lead to loss of income due to time off work for treatment or therapy; tax implications such as estate taxes, capital gains taxes, or estate administration expenses; final expenses such as funeral costs, burial costs, and probate fees; loss of income due to permanent disability; provide liquidity for heirs who are not ready for the responsibility of managing large estates; reduce financial stress on family members by providing cash flow that can be used for day-to-day living.
