3 reasons why you should own life insurance
Hint: It not only covers final expenses
When you think about life insurance, you automatically think about the funeral expenses it will cover after you’re gone. But that’s not the only reason why you should own life insurance. When you’re contemplating whether to buy a Final Expense insurance plan, consider these three reasons why you should own life insurance:
1. Cover final expenses
A life insurance plan ensures your loved ones aren’t left with a financial burden after you’re gone. Funerals alone can range from $15,000 to $30,000, so covering these costs will reduce financial stress on both you and your loved ones. Final Expense insurance, a type of permanent life insurance, can help even further because it’s not limited to covering funeral costs. Depending on your policy, it can pay medical bills, mortgage payments, and more. Your family can dispense the money toward expenses as you advise or as they see fit.
2. Leave something to remember
Do you want to give money to your kids or grandkids after you pass? A Final Expense Whole Life insurance policy allows you to leave behind money for whomever you choose. You can designate policy beneficiaries to receive the tax-free death benefit after your passing.
3. Replace lost income
If you have dependents who rely on your income, you want to make sure they’re taken care of when you’re gone. Depending on the amount of your life insurance policy, the death benefit can act as a replacement for your dependents’ lost income or even help your surviving spouse supplement Social Security.
Final Expense Whole Life insurance
Great Western Insurance Company offers three Final Expense insurance products. Learn which one is right for you on the Final Expense insurance page or find an agent in your area.
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