subject: Why Life Insurance Will Allow My Family To Do What They Want To Do If I Am Gone [print this page] I am not here to worry about what would happen to my family after my death. Honestly, I have them covered and the worry doesnt eat away my life anymore. My father didnt think of this before he passed away when I was just a kid. It was my mother who worked night and day bringing my siblings and me up. If I am someone today, I give her the credit and I dont want to make the same mistake that my father did. My dad obviously was unaware or may have not had the opportunity or the means to insure us after he had left, he left us savings which were depleted in no time, and I have no hard feelings for the same. Maybe that was my lesson to learn, and hence I would like to share with you, why having life insurance to take care of your kids after you are gone is so important. To begin with, your kids dreams wont shatter after you move on, they would have ways and means to carry on in life.
My life insurance coverage would take care of my medical expenses, and even my funeral costs too. This is a decision I would say you shouldnt take it as general knowledge, but get serious about it. You never know when you can die, health issues may affect you early in life or maybe an accident as well. I have thus taken life insurance policies that would care for my wife and kids, long after I am gone. My wife would be able to use the money and also bear the funeral costs, plus bring up my two lovely daughters in the lifestyle they are used to. She wouldnt have to bother about the mortgage we pay, because thats covered and the household expenses would be taken care of, so no debts to worry about once they put me six feet under. Plus, with the right life insurance cover, I would pay nothing towards federal income tax as well.
What I did was to check with four to five Life insurance companies, compare their quotes and benefits, and then decide which one was the best one for my family. I will mention again, funeral costs can be mind blowing, and if you own your own home, you might have to pay estate taxes too. Medical attention and bills would mount as well, retirement savings, utility bills, gas for the car, food and groceries, school, college expenses, further education (I dont want my kids to stop their dreams), etc can be a whole bunch of responsibilities to manage. Your family would have to bear it all once you are gone and you wouldnt know this now. Most Life insurance would ask you to take a policy which would be around seven times your annual income. But you have to decide if you want term insurance or permanent insurance when taking out a Life insurance policy.
Term insurance as the name suggests is for a marked tenure. Permanent insurance as the name suggests is for life. Research and study them well to know which one would keep your kids safe and allow them to carry on with their dreams.
Life insurance isnt expensive; you can opt for short term goals as well and can be converted too. They are renewable, expandable, flexible and very simple to have. So if you truly want your kids to have the best ahead, allow the proper Life insurance to take care of them. This would be one way to tell them that you still care for them and are watching over their needs, long after you are gone.
by: Eloise Kate
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