November 11, 2021 // All Lifestyle
Smart financial planning today can leave your family with a debt of gratitude.
You provide for your family and manage finances now, but what happens if you’re not around? Will those you care about be encumbered with debt? They don’t have to be: A life insurance policy can be an easy, affordable way to help protect those you leave behind.
The Burden of Debt
You likely have people you care about who count on you to care for them. One of the ways you help keep things on track is by managing debt. You may be paying on a home mortgage or a car loan (or two). There’s a good chance you’re making credit card payments, and you might be paying—or saving—for tuition. These are all costs that will remain even if you’re no longer there to cover them. But you can help avoid leaving your family with debt, by planning ahead with life insurance.
The money from a life insurance policy can help ease the financial burden of those you care about during an already difficult time. Surviving members may need to take time off from work to grieve, and to restructure their lives. Life insurance can assist them in doing that. It also can help them make mortgage or rent payments so they can remain in the house. Paying off an auto loan lifts another financial burden. And making credit card payments is critical, because that debt often carries the highest interest rate.
A Practical Path
It’s not pleasant to think about a time when you will be anything but healthy and productive. But when you consider the future of your family, plan for a range of possibilities. Your family will have to manage debt in whatever form it takes, which is why a life insurance policy is a way you can give them help at a time they’ll need it most. Not only can your policy be designed to manage debt, it also can help with the replacement of lost income. Such a policy truly puts your family first!
Avoid misconceptions standing in the way of you getting—or keeping—the right coverage.
We break down the two most common types of life insurance so you can decide which option is right for you.