Term life insurance is one of the more affordable types of life insurance you can purchase. But what exactly is it good for? Here are 4 big bills that your loved ones could be able to more easily afford in the event that the unthinkable should happen, all thanks to some careful planning ahead and a term life policy.
1. Medical Bills
No one plans to have a medical emergency. As you get older, however, medical expenses become inevitable. Maybe your spouse has a minor condition that turns into a more serious problem. With affordable term life insurance, you can have peace of mind knowing that your loved ones will be able to better handle big expenses thanks to your term life policy.
2. Rent or Mortgage Payments
If you help your family members or other a possible beneficiary pay for their living expenses, chances are that in the event of your passing, making the rent or mortgage payment won’t be as easy. With term life insurance, your spouse, children, grandchildren, or other loved ones could receive help with paying their housing bills during their time of grieving and financial adjustment.
3. Daily Living Expenses
Coping with the loss of a loved one is tough enough. Adding this grief to the daily stress of keeping up with bills is even tougher. If you pass while owning term life insurance, your family or other beneficiaries could receive help paying for their daily expenses during this emotionally difficult time. Term life insurance could give your beneficiaries time to sort through their new financial situation, and could be essential in helping them remain financially stable.
4. School Bills/Tuition
Your life insurance policy could increase or help start a college fun for your children or grandchildren’s future. If you have a beneficiary that has debt from student loans, your policy could relieve him or her of some of this debt. Education is a more than worthy endeavor to pass along to those you love, and establishing an appreciation for education is a gift that will carry on for generations.
As you grow older, it is important to think about what financial position your loved ones will assume in the unfortunate event that you pass. Are they financially ready? If you’re not sure, start evaluating your options so you can help your beneficiaries manage future expenses. If you think you can’t afford life insurance, think again and explore your options today. You never know what tomorrow might bring.