Many people don’t acquire life Insurance in North Huntingdon PA by buying it. Rather, it’s sold to them. However, it’s not an inconvenience; it’s a part of responsible financial and family planning. Here, customers will learn several reasons to buy a life insurance policy.
Paying Final Expenses
The cost of funeral services and burial may easily exceed $10,000, and Social Security only gives a death benefit of approximately $250. By purchasing life insurance, a person can ease the burden on their surviving family members.
Covering Children’s Expenses
Most parents want to ensure that their kids can afford to go to college. For such reasons, they should have additional life insurance coverage while the children are still living at home.
Replacing a Spouse’s Income and Services
If a parent passes away while the children are young, the other parent must replace that lost income. Furthermore, many parents end up hiring help for cleaning, cooking, laundry, and other domestic tasks. A life insurance policy replaces the financial and non-monetary contributions made by a parent.
Along with providing the income to cover living expenses, families often need insurance to pay mortgage payments and other debts. With life insurance, a family won’t have to sell their home to stay out of debt.
Buying Out a Business Partner
When a person is involved in a partnership, it’s important to have life insurance for the other partner. That way, if the person passes on, there’s enough money to buy the shares from the heirs and pay that person’s portion of the company’s debts. Click here to know more.
Paying Estate Taxes
Estate taxes are often quite high, and having an insurance policy is crucial to avoid jeopardizing retirement funds and other assets. Using insurance for such purposes is common with large estates, and it uses whole life coverage.
Some believe that life insurance is nothing but a scam because the premiums paid are lost if the person lives beyond the coverage period of term life coverage or into old age with whole life insurance. However, death is something everyone must face, but no one knows when it’s coming. With life Insurance in North Huntingdon PA, a person’s heirs are protected from the unthinkable. Call the E.F. Barrett Agency Inc. to get more information or to request a quote.