In the long list of common fears frequently held by many people these days–flying, heights, spiders, being without ones cell phone– the fear of death (or dying) often lands on the list of our top fears. There are many different reasons why people, across the globe, are afraid of “passing” …. What will happen to me when I die? What will happen to my family after I die? Will I be forgotten after I am gone? While we may never know what happens to us after we pass, you can ensure that there are positive answers to the final two questions, simply by having term life insurance.
The passing of a loved one can be the most difficult time for a family, in more ways than most people often consider. While it is understandable that the emotional toll that a death can have on a family is difficult and can be devastating for many, it is often the financial burden that hits a family the hardest. That is because there are often costs that families are unaware of and unprepared for when loved ones die. For example, did you know the average funeral costs approximately $7,000?
Unless your family is independently wealthy, chances are you won’t have an extra $7,000 set aside. However, term life insurance can help cover your funeral expenses plus so much more. Mortgage costs, unpaid debts, even the amount of your salary can be covered by term life insurance, so that your family is not left struggling after you have passed.
If protecting your legacy is a concern for you as you think about passing, term life insurance can also be used to help preserve one. It is possible to leave all or have a portion of your life insurance payed out to a charity, have it placed in a trust fund or set aside to create a lasting legacy in your name. The easiest way to insure that your insurance pays out to the proper foundation or institution is by clearly detailing your beneficiary needs as you plan your estate. Talk to a licensed estate planner to make sure that your wishes are met and your legacy is properly established after you are gone.
Just like any major purchase, you should compare your options when purchasing life insurance. Different policies will have different pros and cons, and will be influenced by different risk factors. By using an independent term life insurance agency, like SelectQuote, you can compare different life insurance companies and policies to find the best policy to fit your budget and lifestyle.