We don’t like to think about what will happen after we’re gone. But unfortunately, the truth is that the world will keep spinning on - and our families will be forced to face the world without us. Life Insurance is an important way to make sure that your family is protected when the time comes for them to face life without you. Here at Ben Brown Insurance, we are here to help you with your insurance needs so you can be sure that your family is taken care of after you’re gone.
Why is life insurance important?
When it comes down to it, life insurance is a way of helping loved ones cover their expenses and maintain their quality of life after the death of the insured. The most important function of life insurance is to replace the earnings that abruptly end at the death of the insured. When one dies during their ‘earning years,’ their families are still forced to pay regular bills, mortgages, debts, tuitions, etc. With an unexpected death, a family could suffer severely from economic struggles. Life insurance policies help families continue to live comfortably after a tragic death without the added stress of finances.
Life insurance also helps pay potential federal estate taxes. Since estate taxes are required to be paid in cash, life insurance is an important way to ensure that this obligation is fulfilled without added stress to the family of the deceased.
In businesses, sometimes employers purchase life insurance on key employees. These policies protect the business from suffering economic loss after the death of an employee who provided important services or income to the company. Partners in business can also purchase life insurance policies on their partner to protect against losses that could occur as a result of the other partner’s death.
While it is a morbid topic that many people like to avoid, life insurance is an important thing to consider for people who contribute significantly to their family’s well being or for business-owners who rely heavily on key employee’s earnings.
If you need help better understanding the benefits of a life insurance policy or to learn more about how the policies work, we would be happy to explain. Call or email us for more information or to discuss a policy with one of our agents.