Top 3 Reasons to Buy Life Insurance if You Have Kids
Life is never certain. One day you may be healthy and full of life, another day you may find yourself sick and bedridden, or worse still, dead! This should not be a cause for alarm though, as it is the path of every human being no matter their race or status. Knowing this, it is good to secure your life, and that of your family, especially your children with a life insurance policy. There are many benefits that come with buying this policy, especially for your children if you happen to die suddenly. Policy rates vary from insurance to insurance companies, but you can get life insurance rates today here at some of the most affordable prices and conditions.
Here three top reasons why you should buy life insurance irrespective of its cost.
1. Secure Your Family Financially
As we have just stated, you never know what life may bring. It is usually a blessing to see your children grow to adulthood and take care of themselves. There are a few unfortunate instances where parents die when their children are still very young to look after themselves. In such situations, life insurance would come in handy to see that your children do not suffer and they get what they need, even in your absence. Your family would be secured from getting into a financial mess, that can include losing their home, and failing to continue with their education.
2. Funeral and Medical Expenses
With a life insurance cover, you will not have to be worried about the costs of your funeral. Your family, though they will be sad to lose you, will not also have to dig deep into their pockets to cater for your funeral expenses. These expenses can run into tens of thousands of dollars. Let your family remain in a good financial position and at least move on with their lives without any major adjustments. You might also have incurred a huge medical bill before passing on. For most middle-income families, a medical bill can be a direct path to poverty. Taking a medical insurance cover would be a cushion, but would still not be enough to cover all other underlying expenses.
3. Cover for Daily Expenses
When taking a life insurance cover, ensure that both you and your spouse are covered. In most families, both the wife and the husband contribute to catering for the family expenses. The joint venture eases the burdens that would otherwise be on one spouse were he or she required to cover the entire household expenses. One spouse may be paying for the mortgage or rent, while the other buys food and other household needs. If one spouse were to be incapacitated in a way that they can no longer contribute their part, it would put a serious toll on the remaining spouse. With life insurance, though, you do not have to worry about this since the cover can fill the gap left. You just need to ensure that you get the right policy and have everything in writing. Just be aware of the fine print, because it often leads to denied life insurance claims if you’re not sure what you’re doing.