There are lots of benefits to buying life insurance. A person who has life insurance can be financially secured and prepared in times of unpredictable situations particularly death. The following are the benefits of buying life insurance:
- It covers expenses when the insured passed away. The usual inclusions of life insurance are the funeral or cremation expenses, unsettled medical bills, fees for settlement of estates, and other remaining financial obligations. By availing of life insurance, those who were left by the insured will not be burdened with the final costs of the insured’s death.
- It can help the beneficiaries to their future essential needs. Life insurance will not only pay for the costs of death but also helps the family of the insured to have the income to continue living and have sustenance for their future needs such as school fees, house rental fees as well as to start a business.
- It may be in a form of inheritance. There are also some options where the insurance policy will be assigned as an inheritance for the declared beneficiary upon the death of the insured. It is also an alternative way of saving money for the future of the heir.
- It pays the remaining debts and other pending obligations. Death is sudden and is unpredictable. If the person insured has ongoing loans like housing and car loans, and credit cards before death, life insurance will be a great help to settle these financial obligations.
- It brings the insured peace of mind. Having life insurance will not only benefit a person financially and practically, but it also has mental and emotional advantages on the part of those insured. This is because they have the confidence that whatever happens, there is a guarantee for the future of their families.