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A life insurance policy can serve many needs; most importantly it will provide for replacement of your income, should you die. If you are not here to earn an income, your family may suffer financial hardship. How will your family or spouse pay for the most pressing immediate needs such as funeral expenses, mortgage payments, grocery bills, auto loans, college expenses, etc. Unfortunately, this list of financial needs does not lessen when you leave this earth.  Your spouse may not be able to replace your earnings when you pass away. This creates a large income deficit that is next to impossible to replace, in the immediate or short range.  Best solution is to own a Life Policy that will cover the balance of the home mortgage plus remaining household expenses which would allow your family to remain in the home. You are purchasing a future benefit for pennies on the dollar.

The Life Insurance Policy death benefit will assist your family with paying the bills because the beneficiary will receive, upon your death, the specified amount of your policy. Quite often this amount can be payable to the beneficiary as a monthly payment or as a lump sum payment.

 Life Insurance policies come in all shapes and sizes, a term policy strictly provides a death benefit at a low cost and premiums can be fixed for a specific number of years.  You can also purchase a permanent type of policy such as Universal Life Policies or Whole Life Policies. The benefit of owning a permanent type of policy includes payment of the death benefit when you die and a cash savings aspect of the policy which accumulates and can be borrowed against should the need arise. Of course the most important consideration when shopping for Life Insurance is to work with a qualified licensed adviser who can recommend and provide the most suitable Life Insurance Policy based upon you and your family’s specific needs.