If you don’t yet have life insurance, you’re not the only one. Many people think of it as a list item they put off, not realizing how important it could be to have it as soon as possible.
Below are five reasons you should consider the importance of having life insurance from Commonwealth Insurance Center in Williamsburg, VA.
1. To shield your dependents from outstanding debt
Many people mistakenly think that funeral costs are the only expenses people dependent upon them have to pay after they die. However, student loans, utility bills, or other balances may still be owed. Having a life insurance policy could reduce or eliminate undue stress.
2. To have as an emergency fund
Of course, you hope emergencies never happen. However, if they do, it’s always nice to know if you can cover the expense of it without having to rely on loans or family members. Having life insurance could help with this.
3. Money for retirement
One of the primary purposes of a life insurance policy is to help pay for your funeral. Still, it helps to know that you have some amount of financial cushion in case you need it after you permanently or temporarily stop working.
4. To lock in opportunities while still healthy
Nowadays, you can find a life insurance policy no matter your age or health condition. Nevertheless, you have benefits that may manifest if you live a healthy lifestyle and are actively monitoring it.
5. For the possible tax benefits
Virginia law indicates all the regulations concerning life insurance. You may have the chance to lower the taxes you need to pay, depending on the kind of life insurance policy you have.
Contact Commonwealth Insurance Center in Williamsburg, VA for specifics on life insurance policy inclusions. A Virginia agent is happy to assist you with any policy coverage questions.