What to do if we lived forever?
If we could live forever, then what would be the first thing you would do? For myself I would cancel my life insurance and save the money to go on a vacation to a beautiful white sand beach and watch the crystal blue sea. Of course, I would have to work every day and there would be no retirement as I wouldn’t be gradually winding down and taking it easy. But we can all dream. In the meantime I have to keep paying my life insurance. At least is is affordable and protects my family if something happens to me. There are many reasons to buy and keep life insurance. Below are 7 good reasons to have affordable insurance.
1 – Replacement income for dependants
One of the main reasons to take out life insurance is to replace the lost income. Bills still come in and debts have to be paid. This is most typical in the case of families with young children as well as those reliant on pensions.
2 – Repay outstanding debts
On death, any outstanding loans such as auto or mortgage still remain in effect unless they are covered by an assigned life policy or separate insurance. These debts do not vanish and can cause misery for the surviving family.
3 – Pay final expenses
The average cost of a funeral is between $7,000 to $10,000. On top of this there can also be probable costs as well as administration and sometimes medical costs that need to be paid.
4 – Provide Inheritance
Many people wish to leave gifts to there loved ones. These can be taken care of through the effective use of life insurance. Many retirees use Senior Life Insurance to provide this type of cover effectively.
5 – Pay federal / state death taxes
Sadly many people are forced to sell homes and precious items to cover the taxes due on an estate. These can be provided for through the use of affordable life insurance policy. Changes in federal tax rules have lessened the impact of this for most peoples. But some states have modified their state tax rules to take up this shortfall.
6 – Create a source of wealth
For many, wealth has been handed down over generations. Some has been at the result of hard work and enterprise. For others it has been through life insurance. By providing life insurance to your heirs you are giving them a boost, a start in a new venture or some funds to provide for education. Wealth is not always about money but what is created through education.
7 – Make charitable donations
Many charities only survive though the generous donations they receive and a large part of this is handled via wills and probable. Use the benefits of the life insurance policy to provide a donation to charity.
As we started this, the plan was to live forever. Sadly we can’t do that. But why not ensure your legacy lives on though what you can achieve with life insurance.