Life insurance is a smart way to plan for your family’s future. When you’re gone, they’ll still have financial needs. And funeral costs are also high. If nothing else, purchase at least a small life insurance policy to help with funeral expenses. There are several types of life insurance policies. But they all provide your beneficiaries with cash benefits upon your death. Some policies exclude certain events, such as death by suicide.
Your policy can be just about any amount that you wish. And you can also choose how long you want the policy to be active. The most common terms are 10-years, 30-years, or indefinite. Indefinite means the plan remains active no matter how long you live. Your age and health affect the cost of your policy. It’s best to get a policy when you’re young and healthy. Getting a policy when you’re older or sickly will cost more money.
Your beneficiaries can use the money however they want. It can pay medical costs, burial costs, living expenses, and more. The goal is to make sure your family has money to survive once your income is no longer there. And as stated earlier, if you can’t afford much, at least have enough to cover the cost of a funeral. It’s a great way to provide for your family, and they’ll appreciate it.