Yahoo Finance columnist Ross Mac said: “Consider a funeral costing a minimum of $8,000. This amount will cover the costs for morgue, funeral, etc. But the family still needs to pay the mortgage and other loans. A life insurance policy provides replacement for lost income, which is especially important for single-earner families. This allows the remaining family members to maintain a normal standard of living and pay for daily expenses.”
Insurance policy can provide funds to pay for your children's education to continue their studies.
Life insurance policies can be part of inheritable planning helping to pass on wealth to your heirs without significant tax consequences.
Knowing that your family will be financially secured in the event of your passing gives you peace of mind and confidence. This allows you to focus on other aspects of life, making sure you have done everything possible to protect your loved ones.
Photos are from open sources.
