The main reason you buy term life insurance is to protect the ones you love. Insurance is about caring for the future of your family, but there is a lot more that term life insurance can do.
Like most parents, you want to be sure your kids are well taken care of and can afford education after you are gone. For this reason, additional life insurance coverage is essential while your children still rely on you. Term life insurance is the way to go over whole because you only need your kids on your life insurance policy for a "term".
The cost of a funeral and burial can easily run into the tens of thousands of dollars. It is shocking how expensive funerals can be! You won't want your family burdened with the surprise of funeral costs if you were to pass suddenly.
If you die, your family will need the income that you normally would have been brought in. That income is essential to your lifestyle. Whether you worked or not, you were a value to the family. A stay at home parent provided shopping, housework, cooking, and driving that would usually cost a lot for someone else to do.
In addition to providing income to cover the everyday costs, life insurance can help with debts like the mortgage or college loans so you wouldn't have to be stuck paying them off unexpectedly.
Estate taxes can put a dent in your finances. Having an insurance plan in place to pay them off is vital to keeping your funds that you need. Use of life insurance for this is common in large estates.
We are here to help you make the best decision on the policy you need. Every family's situation is unique. Contact us today and we can help guide you in the right direction and answer any questions.
Subscribe to our information course and get tips on choosing the best life insurance policy for you:
Term Life Insurance products are offered through TMFS Insurance Agency LLC, a separate company, affiliated with Financial Engines Advisors, L.L.C. (FEA), in states where licensed. TMFS Insurance Agency, LLC is under common ownership with FEA. Each entity is its own separate entity that provides services for its client independent from the other.