As people grow, set up business, get married and have kids, they feel the need of insurance of their life so that after them their spouse, kids family can live their life happily without suffering money problems. This feeling leads them to take life insurance. Really such life plan is great to make sure about your spouse and care and academics of your kids. Although you need to pay some certain premiums but the benefits that its offers are greater than that of premium amount. Below mentioned are some popular reasons for which people prefer to have such insurance:
Final expenses – When a person dies, there are different types of functions; formalities along with the basic duties which are done in order to pay tribute to the deceased one. All these are prone to heavy expenses while the family is already passing through a very difficult condition as his loved one has deceased. In this situation, the sum that will be provided by the insurance company will be of great help.
Cover children expenses –Every father or mother worries what will be of his or her younger children after their death, who will take care of them, how they will get educated and how their basic needs will be fulfilled.
Cover the partner’s lost income- If both partners are working and suddenly one of the partners passes away due to any reason the income that was obtained by the partner will be interrupted. This insurance plan covers such income loss.
Pay off debts – Besides providing income to cover up the day to day expenses, insurance companies will also provide family with the income to cover the debts like mortgage, title loan so that family can be stay solvent.
Moreover insurance also covers estate taxes, purchasing of business partner’s share and many more factors.