Life Insurance, what is it for? Death. But it’s not for when you die, it’s for when your family doesn’t. We’ve all seen them: the car wash fundraisers or gofundme campaigns that families are doing because they can’t afford the final expenses due to a death of a loved one. Wouldn’t you agree that the most important thing our families should think about is the celebration of the life that once was, not bills and debts?

Here are 3 important reasons to have life insurance:

• Death Benefit: whomever you choose to be your beneficiary, that person (or persons) will receive the death benefit as a tax-free distribution. They can use this benefit however they choose (pay off their own debt, buy a home, etc.). As the insured, you can choose how they receive the benefit, but we’ll go more into that in another blog.
• Final expenses: the average funeral cost (burial, cemetery, flowers etc.) is about $15,000. This is why so many families have a car wash, so they can pay just to bury their loved one. Not many people have $15,000 they can just fork up for a burial.
• Mortgage protection: if you own a home and are the breadwinner (or one of them), the mortgage doesn’t go away because you die, so who has to pay for it? That’s right, your family. There is also a way to choose how the death benefit pays a mortgage, which will also be covered in another blog.

Now ask yourself 3 questions:

• What happens if you don’t go home tonight?
• How does that make you feel?
• What are you doing today to prepare?