Individuals often purchase life insurance policies to protect their loved ones. In many cases, families buy policies that will provide income replacement should the primary breadwinner pass away. Life insurance funds can assist in a number of other areas as well, such as funeral expenses, mortgage costs, and elder care.
In today’s uncertain economic climate, life insurance can provide an added level of security and peace of mind. While many workers receive life insurance benefits through their employers, they also benefit from buying policies on their own, especially if they worry about job loss.
Furthermore, children who learn their parents have purchased life insurance notice the direct impact of parents demonstrating family values and a sense of responsibility. Should a parent die, the children may continue to attend or plan for college, knowing the costs will be covered.