The crucial, and often only, reason to opt for life insurance is to ensure the financial security for the ones you deeply care about – your dependents. This way, whether it’s your children, partner, or even parents, you can be at ease knowing that the financial security you provided in your lifetime will persist. Considering getting a quote from life insurance companies could be a wise move – you’ll likely find their rates are more reasonable than you might think.
Navigating New Norms
Without your financial contribution, your dependents might find it challenging to keep up the same standard of living in the aftermath of your departure. A UK-based life insurance comparison site’s spokesperson remarked, “No one is exempt from unexpected mishaps, but life insurance can prevent you or your family from getting into financial trouble in the wake of such an event, especially when financial stability is the least of your concerns.”
Preferably, finances should not be a burden for someone dealing with the loss of a loved one. Still, sadly, these practical issues often fall to those left behind. Therefore, it’s prudent to alleviate their worry as much as possible by having an assurance policy that affords them peace of mind.
Confronting Medical and Funeral Costs
There’s a high likelihood that substantial medical costs could emerge in the period before your death, especially with a long-lasting illness. Additionally, even basic funeral expenses can put a significant financial strain on those left behind, a reality duly acknowledged and catered to by many life insurance policies.
Tackling Inheritance Tax
A major obstacle that your beneficiaries might encounter is the notorious Inheritance Tax—a typical issue for many. It’s not uncommon for governments to claim 50% of any remaining assets as tax on inheritance. Nevertheless, there’s no reason to fret; many life insurance policies specifically cater to such possibilities.
Although it may seem grim to ponder about it, being prepared for the worst-case scenario puts your loved ones in an advantageous position, sparing them from worrying about finances during their bereavement.
Check the subsequent embedded videos to delve further into the topic. Each play will reveal a new story:
1. Julio may be unsure about whether he’s living the American Dream, but he is living his dream. He’s got work benefits to ensure it continues.
2. Tom’s brother, someone who was never sick before, had benefits that helped his family maintain their lifestyle. Needless to say, Tom opted for similar benefits.
3. With increasing expenses and dwindling savings, Rebecca sought to guard her income, health, and family. How did she regain control?
4. Initially, Karen was skeptical about benefits. Three life events changed that viewpoint. Now she feels everyone needs them.
5. Rosa realizes that Unum sets itself apart from other benefits companies, they care about her people as much as she does.
