When done right, life insurance is a wonderful way to complete your financial plan. But when should you buy life insurance, and what kind of plan should you get? At Shoff Insurance in Melbourne, Florida, we help you navigate these questions and more.
When you purchase a life insurance policy, you enter into a contract with your provider. In exchange for a monthly or yearly premium, your beneficiaries receive a predetermined amount of funds in case of your passing away. Life insurance is great because it is designed to protect those who may depend on you for financial support. Unfortunately, some people overlook the need to safeguard our loved ones after they’re gone. Learn about the benefits of getting a life insurance policy and reach out to the professionals at Shoff Insurance for more information.
1. Support your family
As your family grows, so do your financial responsibilities. If something were to happen to you, your loved ones may not be able to pay the bills. As we mentioned, buying life insurance provides a safety net for dependents if you’re not around to support them. The proceeds can cover expenses such as funeral costs, mortgage payments, and more. Whether your beneficiaries are your spouse, children, or parents, you can rest assured that utilities, transportation, and other regular costs are completely covered.
2. Pay off debt
Debts don’t necessarily disappear after you die. If you and your spouse have co-signed a mortgage together or other loans, your partner may become solely responsible for repayment. It doesn’t matter what kind of debts you have – credit card, student loan, medical debt – the proceeds of a life insurance policy can help cover these costs so your partner doesn’t have to worry about them.
3. Protect your business
Let’s say you own a new business or startup. If you are involved in a partnership and you pass away, the company itself may be at risk, especially if your partner can’t cover basic expenses such as inventory or rent for your office space. A life insurance policy can cover these financial obligations so all your hard work does not go to waste.
4. Leave an inheritance
Like most parents, you want your kids to be taken care of in the event of your passing. If you don’t have many assets and would like to pass something valuable to your children, you can create an inheritance through a life insurance policy. By naming them as your beneficiaries, your kids can have a solid financial future for years to come. Your children can pay for college expenses, rent, or other essentials moving forward.
Reach out for life insurance
Life insurance policies provide financial freedom when your family needs it the most. Best of all, these policies are customizable, with affordable payment options at any age. Spend some time speaking with one of our life insurance professionals to learn the benefits for yourself. Shoff Insurance conveniently located in Melbourne, Florida offers a range of coverage options for life insurance policies and more.