The need to protect your survivors also means to replace the income you bring in if you die prematurely. Perhaps, you spend large part of your earnings on the costs of bringing them up. If you die, the life insurance death benefit replaces those earnings so that they won’t have a better financial situation. If you have a mortgage on your house, a life insurance death benefit can support your family to stay in the home even if you die.
Life insurance can help solve the difficulty of the need to totally change your way of life because you lose half or more of your income.
Lastly, if you are part-owner in a business, the business may purchase a life insurance policy on you so that if you die, your partner can use that death benefit to buy out your share of the business from your heirs, which in turn would also benefit your survivors by bringing them much needed money.
Life insurance can help solve the difficulty of the need to totally change your way of life because you lose half or more of your income.
Lastly, if you are part-owner in a business, the business may purchase a life insurance policy on you so that if you die, your partner can use that death benefit to buy out your share of the business from your heirs, which in turn would also benefit your survivors by bringing them much needed money.
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