Life insurance can fill a wide variety of needs; including
covering the finite years of a mortgage and protecting the interests of a
special-needs child who will need financial support after you’re gone.
In fact, 63% of Americans consider life insurance a
necessity, according to the nonprofit industry group Life Happens. But 30% say
they don’t have enough coverage, 19% have only group life insurance (the
coverage that’s available through work and often doesn’t provide enough money
to meet a family’s needs), and 43% have none at all.
Life insurance can provide “income replacement” so that your
family can continue to pay everyday expenses.
Life insurance would cover the cost of paying for services
the parent does for “free,” such as child care.
A policy could cover the support payments that a divorced
parent makes.
Life insurance can make sure the child will have financial
support no matter when a parent dies.
A policy can cover mortgage payments, so your family doesn’t
have to move if you die.
Life insurance could cover the cost of the debt. Life
insurance can provide funds for heirs to pay estate or inheritance taxes.
If you don't have a lot of wealth, life insurance can provide
a small inheritance to heirs.
Life insurance can pay off business debts if you die, help
heirs to the business pay off estate taxes, or fund a buy-sell agreement that
allows a business partner to buy out your share.
Life insurance with a cash value component can provide a
supplemental source of retirement savings.
Small life
insurance policies can pay for your funeral and final expenses. People who
are interested in permanent life insurance should consult a financial advisor
to find the right policy type.
Source: http://blogs.rediff.com/lifeinsuranceplans/2016/06/16/ritikashah11998-16/
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