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Investing in life insurance is a sound financial decision but an emotional one too. It’s a challenging topic to talk about, but it gives comfort when you know it protects the financial interests of your loved ones when you pass on.
Still not sure how life insurance protects you? Lana Insurance Center Inc. shares more insights.
Provides financial well-being to your loved ones
If your dependents rely on your income to pay financial obligations like child care, college fees, and monthly bills, life insurance replaces your income when you die. This way, your loved ones can meet their financial obligations even in your absence.
Pays for your debts
If you have a mortgage, car loan, or credit card, you don’t have to pass the financial burden to your cosigners and loved ones upon your demise. Proceeds from life insurance can be used to settle financial obligations. Besides, life insurance enables you to pay for final expenses, lessening the financial burden on those you leave behind.
Keep the business in the family
Life insurance isn’t all about individuals. It’s pivotal for business owners. Life insurance proceeds can pay outstanding business loans as well as buying your business partners time to think of the next course of action after your death.
Besides, life insurance ensures that your business can be passed to your family. Life insurance covers costs related to transferring your business legacy to your beneficiaries.
It supplements your retirement income
When you invest in a permanent life insurance plan, it accumulates a cash value that you can borrow against or make withdrawals to cater for emergencies. While most people think life insurance comes into play when they die, it has “living benefits” that you can enjoy while here on earth.
Are you ready to get started with life insurance? We encourage you to contact Lana Insurance Center Inc. to kick-start the conversation.
