For Your Spouse
Maybe you are the sole breadwinner and your spouse is a homemaker or maybe you have two incomes and your spouse does not make as much as you. Its also possible that when you die they may not be able to work anymore.
For Your Children’s Future
Even if you don’t have children now, you might someday. And unlike your spouse, your children are not going to be able to provide for themselves as well as you have been.
As Means of Comfort
While you hope that you mean more than any amount of money you could leave your family, leaving them some form of inheritance in the form of life insurance can help soften the blow.
For Your Business
If you are a partner or a major player in your business a life insurance policy may help you to leave money to help take care of your financial responsibilities once you have passed on.
Life is Uncertain
You never know what may happen to you. Unfortunately healthy people die in freak accidents. That healthy person could easily be you. And without some kind of life insurance plan, you may leave their loved ones with nothing but dept and financial obligations.
Funerals Are Expensive
Even if you are not worried about providing for your dependents, either because they are grown and have their own job or income, or because you have enough money set aside for them after you die, you may not have considered how expensive funerals have become.
To Transfer Your Wealth
Any inheritance you leave your family is going to be heavily taxed, with one exception, life insurance proceeds. By putting your money into a life insurance plan, you are insuring that your family will inherit some non-taxable income.
Certain types of life insurance plans can be used to help supplement your retirement income. These types of structured plans are called an annuity.
To Leave to Charity
If you do not have family members you need to provide for, or you have a favorite charity you would like to support, you can have some or all of your life insurance proceeds given to charity when you die.
Peace of Mind
Knowing that your family will have money to be financially secure, and that your death will not leave them with a financial burden can give you the peace of mind that we all deserve.