The COVID-19 pandemic has been responsible for widespread disasters and fatalities across the globe. The dangerous coronavirus pandemic seems to have acted as a wake-up call and many people are now considering buying life insurance and managing personal finances cautiously. Studies have revealed that around two-thirds of people in the United States are compelled to reevaluate their finances due to the atrocities of the pandemic.
Whether the COVID-19 pandemic or any other reason has motivated you to purchase life insurance, this could be the most favorable time to buy. The more you deliberate and delay the buying decision; you would have to pay much higher rates. Once you start getting older, it is quite natural to develop a few health issues that could adversely impact the rates offered to you.
Purchasing life insurance is generally a long-term commitment particularly if you are purchasing cash value insurance. Experts believe that cash value policies seem to be good for purchasers who require life insurance for the purpose of estate planning, for funding a trust for supporting a lifelong dependent, for instance, to take care of a special child, and even for accumulating cash value to carry out investments or for providing a legacy for heirs.
Here are the Top Reasons for Life Insurance: Michael Osland
Reasons to Purchase Life Insurance
With age people realize the power of a life insurance policy and how it is integral and indispensable to a sound financial strategy. Life insurance could help you in safeguarding your family and estate. Here are some of the top reasons highlighted by Michael Osland, a luminary in the field of financial planning, investment management, and portfolio management.
For Paying Final Expenses
The funeral and burial expenses could prove to be astronomically high and may require thousands of dollars. If you do not want your near and dear ones to cope up with financial burden along with emotional stress at the time of your death, it is a good idea to buy life insurance.
For Covering Kid’s Expenses
Like most responsible and caring parents, you would certainly want to cater to the requirements of your kids and obviously, you would like to provide top quality college or higher education for your children. So to make higher education for your kids more affordable you could opt for additional coverage. Life insurance is all about taking good care of your near and dear ones. You must meet your responsibilities and keep your promises and life insurance helps you every step of the way.
For Using It as a Replacement for the Spouse’s Income
Suppose your wife had died while the children were still very young, you may be encountering a financial crisis situation as her income was essential to maintain the normal lifestyle. Moreover, you would require the services of domestic help to do the laundry, house cleaning, cooking, taking your kids to a doctor’s appointment, or helping them with their homework if you are busy in the office. So to take care of additional expenses and loss of spousal income, you may buy life insurance.
For Paying Off Debts
After your death, your life insurance would provide income to your family for covering daily expenses and running their lives smoothly. Moreover, your family could use the insurance money to pay off all your outstanding debts such as the mortgage so that the family could be safeguarded from the tension of selling the house for staying solvent.
Conclusion
It is certain that you would die someday but what is uncertain is when or how you would depart from this world. Life insurance could safeguard your family from unanticipated issues and help them in navigating through the painful and difficult time of sorrow and loss.