Should You Drop Life Insurance When Finances Are Tight?

11 Jul Should You Drop Life Insurance When Finances Are Tight?

Why you need life insurance even when your budget is tight.  

When your financial resources change and you have trouble paying the monthly bills, you may consider dropping your life insurance policy. It can be difficult to put your money toward something that you hope never happens, especially when you think you could redirect your premium payment to pay for bills instead. Even when money is right, it’s a good idea to keep your life insurance in hand – here’s why.

Life insurance can protect your family home.

If your family is unable to afford the cost of your home without your income, they may have to make the difficult choice of selling it. Your life insurance policy, however, can help your surviving family members cover expenses like a home mortgage and other outstanding debts.

Life insurance can prevent your spouse from returning to work.

If you leave your stay-at-home spouse, he or she may be forced to return to work to help pay for expenses. This can lead to unplanned childcare costs and other expenses that haven’t been factored into your family’s household budget.

Life insurance can prepare your family’s finances for your kid’s college tuition.

There’s no doubt about it, college is expensive. Fortunately, a life insurance policy can help your children cover the costs of their higher education if you are no longer around to help pay for school. Rather than take on huge student loans, their tuition can be eased with the help of your life insurance policy.

A comprehensive life insurance plan can protect your family and wallet. If you need help securing a life insurance policy is best for you and your family’s needs, get in touch with industry professionals. Contact Kevin or Marci to get started on securing the right life insurance today!