The one thing that is inevitable about life is death. And when a loved one passes away, the last thing you’ll want to think about is worrying about your finances. Having life insurance in place helps protect your family from financial troubles even after your passing.
How exactly does a life insurance policy help families?
Create an Income Stream
A loss of a loved one is always tough, but it is especially hard when that loved one is the breadwinner of the family. You’re not just losing a member of the family but your main source of livelihood as well. You can prolong the longevity of the money you receive from your spouse’s life insurance benefits by investing the money in a business. This way, instead of using the money in a few months’ time, you can have a continuous stream of income to sustain you and your family.
Pay Off Bills
Burying your loved one can cost you a significant amount of money. Apart from using the life insurance protection to pay for the burial costs or the accrued costs from your medical expenses, your loved ones can also use it towards their household expenses such as monthly utilities, daily meals, and maintaining your family’s quality of life.
Your death does not need to occur for your family to be able to access your life insurance benefits. A life insurance plan such as the Wealth Protect allows fast accumulation of funds that you can access to cover emergencies like hospitalization or to pay off debts.
Fund a College Tuition Account
To keep your child’s future on track, you can set aside a part of the life insurance benefit you receive from your spouse’s life insurance towards a college savings plan. Alternatively, you can also use the money to set up an educational plan for your child.
Build Retirement Fund
If you’re married, you’re most likely building your retirement fund based on savings made by you and your spouse. In the unfortunate event of the death of your spouse, it can be harder to reach your goal retirement fund. A life insurance benefit such as the one provided by Solid Cover, can be used to add to your retirement fund, with the excess money used for daily expenses around the house.
Losing a loved one will always be difficult but having life insurance benefits give your loved ones one less thing to have to worry about. With life insurance benefits, they no longer have to think about where to get money or how to pay off any outstanding debts during this already trying time.InLife has numerous life insurance plans that can protect your family and give them a bright future, even when you are no longer around. Talk to one of our Financial Advisors so that you can find the best plan to match your financial goals.