Life 6 Reasons Why You Need Life Insurance 05/15/20 Life insurance is more than about making a sound financial decision—it’s about protecting the people you love. Without life insurance, the loss of a loved one can quickly turn from an emotional situation to a financial one. According to BestLifeRates.org, one in three families admit they would likely suffer a financial disaster within a month if the family breadwinner suddenly died. Even if you’re not the breadwinner, your family is probably still financially dependent on you. Imagine how the loss of a stay-at-home parent could affect the family finances — but having life insurance could cover the cost of childcare, housekeeping and more. Single people, and those without children, also need life insurance. If you die with debt, your spouse may be responsible for footing the bill. Even if you’re debt free, someone has to pay for your funeral and burial costs, which can be covered with a final expense life insurance policy. Although you may not have any dependents now, your aging parents or a disabled sibling may be relying on your financial future. Still not convinced? Below are the top six uses for life insurance. If you were to die tomorrow, would these matters be handled? Top 6 Uses for Life Insurance Income Replacement – If anyone depends on you financially, you need life insurance. In the event of a tragedy, your loss of income would greatly affect your loved ones. Find out how much insurance you need. Children’s Education – If you have children, life insurance is a no-brainer. Without it, you’re putting their future at risk. Debt – It’s true what they say: You can’t take it with you. But your debts don’t necessarily die with you, which can get very messy for your loved ones. Life insurance can help pay off your credit cards or hospital bills. Mortgage Payoff – Does life insurance cover mortgage payments? With enough coverage, yes! The loss of a loved one causes many pains for a family. Worrying about losing the home shouldn’t be one of them. Funeral Costs – According to the National Funeral Directors Association, the average cost of a funeral is over $8,000 and rising. Losing a loved one is difficult enough without the added worries of paying for a funeral. Financial Gifts – Leave a legacy of love to your family members or a charitable organization with your life insurance benefits. Have you made sure these things are taken care of if you were to pass away? If not, which ones would your family have to pay for from their own pocket? Call your local Alfa® agent to learn more about our life insurance policies.