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How to Plan For The Unplannable: Why Life Insurance Is Important

An important aspect of financial planning is creating provisions for your loved ones and family following your demise.  The financial product can provide financial security to those you care about, for instance your children, spouse, and dependent children.

Fortunately, the product is inexpensive, so there’s no reason not to obtain coverage. Here’s a list of reasons why you need life insurance.

To Protect Your Loved Ones and Family

If your loved ones rely on your monetary support for their livelihood, then it’s imperative you buy the financial product because it substitutes your revenue upon your demise.

This is particularly essential for parents of young children or grown-ups who would find it hard to maintain their living standard if they could no longer access the revenue provided by their spouse.

You’ll also need to offer sufficient money to cover the expenses of hiring somebody to cover the daily household tasks such as laundry, cleaning, and childcare.

Long-term Goals

Life insurance is an instrument that keeps policyholders invested for the long-term. Therefore, it would help you accomplish your long-term goals, for instance planning your retirement or purchasing a home.

It also offers diverse investment choices that accompany various kinds of policies. You’ll discover that some policies are associated with some investment products that issue dividends depending on their performance.

If you prefer an investment-linked policy, ensure you read the fine print to identify the potential returns and risks.

Debts and Other Costs

In addition to providing revenue to cover daily living costs, your family requires insurance to cover any outstanding debts such as credit cards, mortgage, and car loans.


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Other costs include burial and funeral costs that could easily frustrate your loved ones and the last thing you want is your loved ones dealing with extra economic burden along with emotional burden.

Business Protection

Life insurance isn’t merely for you and your family. Some policies take care of your business as well. If you’re a business proprietor, then your partner can buy your segment of the business without hassle.

In this case, your partner would enter a buy-sell agreement and the nominees of the deceased partner would receive payout without getting a stake in the company. The product can also protect your business against liabilities, financial loss, or instability in case of death.

Whether offering essential short-term money or maintaining operations until things stabilize, the financial tool can be invaluable in sustaining your business.

You May Not Qualify Later

It’s important to note that these policies operate on uncertainties. If you’re currently healthy, the product may seem like an extra economic burden. However, if you fall ill, the situation might be different.

Therefore, it’s important you purchase one early because it remains effective in the event that your health deteriorates in the future.

Insurance companies enable you to attach some benefits or riders to your new or existing policy. These riders improve your insurance’s quality.

For instance, the benefit rider for accelerated death enables the policyholder to avail part or all of the policy’s death benefit if he or she has less time to live because of a critical disease or wishes to use the money for treatment or related costs.

Increase Financial Security

Like most parents, you want the assurance that your children will be taken care of once you’re gone. You’ll want them to obtain quality education while securing other ventures such as a business startup. Consequently, extra coverage is important while your children are still at home.

Peace of Mind

Death is unavoidable and no amount of cash can replace somebody. However, life insurance can help offer protection for life’s uncertainties. Coverage will undoubtedly give you a peace of mind and you don’t have to worry about their financial security when you’re gone.

Final Thoughts

Although insurance can be perplexing and it’s difficult to know what you actually want or need, this list reveals the importance of investing in this financial product.  If you’re still unsure of whether to buy life insurance, this guide will prove invaluable.

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