As we move forward in life, we begin to make milestones that truly shape who we are. We make advances in our career, we build a family, we buy a house, we make a life for ourselves. In our growth, we also make financial plans that will benefit our families and us in the years to come. Many times, these financial plans will include some form of life insurance, and for those in their later years, pre-need insurance. Life insurance and pre-need insurance are two great ways to ensure that your family is protected financially in the event of your passing. While life insurance will cover an array of expenses for your family for years to come, pre-need insurance will help your family cover the costs of a funeral. Having one or the other is essential for your family’s well-being and for your peace of mind.
The Importance of Life Insurance
If your family depends on you financially, then it’s essential to invest in a form of life insurance to ensure their financial well-being in the event of your passing. Life insurance is also helpful in the event that you leave behind large debts and other expenses. Life insurance will provide your family with a healthy cushion to cover living expenses, mortgages, credit card debt, loans, etc. For families with children, life insurance can also provide the means to cover costs that are associated with higher education.
Death is certainly a morbid topic that very many people don’t like discussing but, unfortunately, it’s essential if you want your family to be taken care of at all times. Although we can never predict our death, we can prepare for it, and we can do so by investing in life insurance.
The Importance of Pre-Need Insurance
Pre-need, or funeral insurance, is a type of life insurance that can be purchased through funeral providers and is designed to cover pre-specified funeral expenses. This type of insurance is quite unique, for it locks in the prices of final arrangements without fluctuation in the rates. Depending on the plan you select, the funeral home is required to provide the specified services at their original rate. Like life insurance, premium payments will be required, and flexible payment plans are available. Not only does pre-need life insurance take away the financial burden of making funeral arrangements, but it also ensures that you will be remembered the way you want.
By knowing and understanding the importance of pre-need insurance and life insurance, you can better protect yourself and your family.