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The core purpose of just about any sort of insurance policy is to enable a person to survive a calamity or disaster. For example, a car insurance policy will allow you to buy a vehicle (of the same value as your own, in most cases) if yours is stolen or written off in an accident. Similarly, fire insurance will entitle you to buy a new house or get yours repaired, as per the terms and conditions of your insurance contract. Call us at 407-344-1228, or email us at [email protected] for any insurance needs you may have.
However, life Insurance, is arguably the most important form of insurance coverage possible. Basically, it will give your heirs and other beneficiaries a substantial sum of money, in case you are not capable of taking care of them anymore. If you suffer an untimely demise or for that matter, become incapacitated due to illness or an accident, your dependents will be well taken care of and you will not need to worry about their financial situation anymore. Here are a few important reasons why you need to acquire life insurance in St Cloud, FL:
- It Will Protect Your Family and Other Loved Ones
If the people you love are wholly dependent on your financial support in order to live their daily lives, then acquiring life insurance is an absolute must. This is because it will become a great substitute if and when you are not fulfilling your key role as their primary bread earner.
This is very important for parents of very young children. And it can also make a critical difference for a spouse and/or elderly parents who will not be able to sustain their standard of living without access to the income that you have always provided them.
Apart from that, you will also need to generate a certain amount of funds to cover the costs of hired help, i.e., people who perform such ‘day to day’ tasks as cooking, laundry, child care, cleaning, and anything else deemed pivotal for the growth and wellbeing of your family.
- It will Enable You to Leave a Large Inheritance
Let us suppose that you do not have any large-scale liquid and property assets to pass on to your kids. However, there is no need to feel dejected as you can easily create an inheritance by the simple expedient of purchasing a life insurance policy. Here, all you have to do is name them as beneficiaries. This is an awesome way to set your children and other heirs with a rock-solid financial future and take care of all of their monetary needs.
- It Will Help Pay Off Debts and Other Expenses
In many cases, prolonged illness can create an additional burden for the surviving members of a family. Furthermore, they have to cover several outstanding amounts such as car loans, credit cards and mortgage payments. Then there are also other expenses such as burial costs and funeral related expenses. Taken together, they can easily cost tens of thousands of dollars. Suffering from the emotional burden of your untimely death is bad enough and the last thing you want to do is leave them to cope with your funerary expenses.
- It Will Add an Additional Layer of Financial Security
Like other parents, you will also want your spouse and offspring to be well taken care of once you are no longer a part of their lives. You will want them to acquire a quality college education, while also providing for several other essentials in life such as marriage or entrepreneurial enterprise. The amount they will receive from the service provider of life insurance in St Cloud, FL, will cover most such expenses later on in life.
- It Will Bring Peace of Mind
No one knows when his sojourn in this world will be over. It can be today or tomorrow or perhaps many decades in the future. But one thing we do know with absolute certainty is that we will die. Of course, no amount of money can ever possibly replace a person. However, life insurance can and does help provide a measure of financial protection amidst all the uncertainties in life. Life insurance coverage will give your whole family peace of mind at least with regard to their monetary affairs.
Amidst all the myriad things that can go wrong in one’s life, this is the one thing you can be sure of in every way. That is, you will never have to question whether your dependents will be taken care of once you are gone. In this respect, life insurance in St Clouds, FL, will protect your surviving heirs from an unknown financial future and also help them through a very difficult time.
- It Comes in Handy for Emergencies
Just suppose that you have developed a really serious illness. If you do not have health insurance, then you might be in bigger trouble. This is the part where life insurance in St Cloud, FL, comes into the picture. If your life insurance policy contains the requisite cravats, it can actually provide you with the financial support you so desperately need at such a critical time in your life. In fact, most such forms of life insurance can now be used in case of a medical emergency. You will just have to request for a withdrawal or a loan (subject to the terms and conditions as stipulated in the insurance policy contract).
- It Can Help your Beneficiaries Take Care of Your Business
Most people tend to think that life insurance is exclusively about individuals only. However, that is not factually correct since it can protect a business from catastrophic financial losses, help pay off any liabilities or help out in a period of instability by offering significant cash injections to the business. This can apply in the case of the demise of the business entity’s owner or partner.
Whether you are providing the required short-term cash or are keeping the day to day operations going on until everything settles down, your life insurance policy can turn out to be pretty invaluable in maintaining the business that you have worked so long and so hard to build.
- It Is a Great Source of Income After Retirement
It is possible to use life insurance as a sort of retirement savings plan. Think of a life insurance annuity along the lines of a ‘do it yourself’ pension plan. This way, you can put a certain amount of money into a specific life insurance product and once you do so, you are practically guaranteed a set stream of income on a monthly basis for as long as you are alive.
- It Helps to Make Sound Financial Decisions
In accounting language, a life insurance plan is considered to be a financial asset just like many other liquid assets. This means it can help increase your overall credit rating and help you to get that coveted business loan or even health insurance coverage. Apart from that, most life insurance policies have a certain cash value that cannot be touched by any creditors, even in case of the complete bankruptcy of your business.
- It Enables You to Contribute to charity
Acquiring a life insurance policy in St Cloud, FL will enable you to leave a final lasting gift to your favorite cause or charity organization. This cash award will consist of a much larger sum than the amount that you might typically set aside for donation to whichever cause you hold dear to your heart.
- It can Help Buy a Business Partner’s Share of the Firm
If you are involved in any sort of business partnership, you will definitely need insurance protection on your partner’s life. There is sound reasoning behind this. In case he dies, you will need a certain amount of cash to buy his share from his heirs. This way, you will be able to pay your late partner’s share of the firm’s obligations, and there will be no need to sell the firm itself. By the same token, the partner should do the same as a precaution against your unfortunate demise.
- It Helps in Paying Rent
Just because you have no mortgage does not mean you should avoid acquiring a life insurance policy in St Cloud, FL. If your family does not have any insurance coverage to fall back on, it is likely that they will have to go through a painful and drastic change in their lifestyle. If worse comes to worse, paying a high rent may become a big problem and they will be forced to shift to the ‘wrong side of the proverbial tracks.’ Life insurance in St Cloud, FL, will leave them a large amount of tax-free funds so that they will be able to buy their very own house, or at the very least, pay their rent till they are able to get back to their own feet.
- It Can Secure Your Future Goals
Your present lifestyle might be perfectly stable due to a steady flow of income that you consider good enough to meet all of your family’s current and expected lifestyle needs. But suppose you are not there anymore due to illness or accident? How will your family and other loved ones cope under these tragic circumstances? They will have to face the terrible emotional trauma and crushing grief of your untimely death and also the sudden onset of financial insecurity as they grapple with the loss of their safety net.
This is where a term life insurance policy will come into the picture. It will help you secure the future of your loved ones to a great extent. Basically, a term insurance policy will help the beneficiaries (primarily your dependents) receive either a large lump sum of money or a monthly payout that will help them to deal with their day to day financial necessities.
- It Actively Encourages a Savings Culture
Life Insurance in St Cloud, FL, is a really good investment channel as well. This is due to the fact that many insurance plans automatically facilitate a system of savings by allocating a certain amount of funds that have to be paid in the form of premium payments every year. When the policy matures, the holder of the policy can reap the many monetary benefits of the insurance plan by getting a single lump sum payout at the end of the policy period.
Another great advantage of acquiring any sort of insurance policy would be the fact that it actively encourages savings through a substantial reduction in your expenses. For example, it is possible to avoid any out of pocket payments for various unfortunate events such as the unforeseen loss of your vehicle, medical ailments, accidents, losses suffered due to natural calamities, etc. And last but not least, it is also a really good tax saving tool that will help to reduce your overall tax burden.
In light of the above, we can safely deduce that life insurance in St Cloud, FL, is an absolute must, if you want your loved ones to continue to enjoy the quality of life that they have been used to even after your demise. Ultimately, purchasing any sort of life insurance plan or product will enable both you and your family to live life to the fullest.
Call us at 407-344-1228, or email us at [email protected] for any insurance needs you may have.