3 Expenses That Life Insurance Can Cover

Life insurance is one of those coverages that a lot of people tend to overlook, but it is a coverage that is particularly important to have as it will protect your loved ones from loss of income and unexpected costs in the event of your death. Depending on your individual needs and the size of the life insurance policy that is chosen, life insurance will offer different levels of protection and benefits. Keep reading to learn about three different expenses that life insurance has the potential to cover.

Loss of Income

As a general rule, life insurance policies are purchased in order to protect spouses and families against the potential of losing their income in the event that you suddenly pass away. Depending on its size, the death benefit could potentially get a family through a year or two of general expenses until further arrangements can be made. In addition, benefits can pay the mortgage off and ensure the spouse can live comfortably for some time.

Funeral Expenses

Regardless of whether you have a spouse and/or dependents or you are simply living on your own, your financial plan should include a life insurance policy. Even a small policy has the ability to pay for your funeral and burial costs so that your family is not burdened with them after your passing. After all, the last thing that you want is your family having to deal with the costs and responsibilities of your burial and funeral that they may not be able to afford, especially when they should be focused on grieving your loss.

College Education Expenses

Another reason that people take out a life insurance policy is to ensure that their children's college education expenses—tuition, room, and board—are taken care of. If something happened and you were unable to continue to contribute your income to your children's college fund, would they still be able to attend college? If you aren't able to answer "yes" immediately to this question, then looking into a life insurance policy is definitely worthwhile to ensure their future is protected.

One of the greatest things about life insurance is that it generally is not expensive, even for a decent amount of coverage. To learn more about life insurance coverage and for help in finding a plan that meets your budget and individual lifestyle, get in touch with a life insurance agent in your local area today.