Many people think that purchasing enough life insurance to cover their funeral and other final expenses is enough. Although their intentions are good, this train of thought is flawed. Of course, the goal is to minimize the expenses you leave to your family, but that doesn’t stop at final expenses. At JC Demo Insurance Group, we’ve found that there are a lot of reasons you should purchase more life insurance.
Life Insurance Can Cover Medical Expenses
These days, we are living longer. As a result of living longer, multiple chronic illnesses have become common within our society. People may develop diabetes, congested heart failure, cancer, or multiples of these diseases. If you develop a disease, then it’s likely that you will have medical expenses that exceed the face value of a basic final expense life insurance policy.
Replace Your Income with Life Insurance
Another reason you shouldn’t purchase a small life insurance policy is that it may place your family in a financial burden. For years, your family has relied on your income. If you are no longer able to provide for your family, how would they make ends meet? It would be difficult. A policy that only covers your final expenses isn’t enough to support your family after you are gone. You need more life insurance.
Pay Off Debt with Life Insurance
If you are like most people, you have debt. In America, debt is a way of life. We accumulate debt to maintain a lifestyle we’ve carved out for ourselves. Unfortunately, many people maintain debt throughout their life. If you have debt, then a life insurance policy that only covers your final expenses will not help your family. They will be responsible for your debt after you are gone. Fortunately, you can choose a life insurance policy that pays down your debt.
We encourage you to visit our website and look over the life insurance policies we offer. We can help you find a policy that fits your budget, and provides your family with money in the event of your death.