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Your employer might provide life insurance coverage as part of a group plan, and you might be okay with that. However, there are several reasons why your group insurance will be insufficient. Here are the top 10 reasons why you should talk to an insurance company about purchasing West Palm Beach life insurance independently. You Never Know What Will Happen Unfortunately, you never know what life is going to throw at you. Anything can happen at any time. If the worst happens, and you hadn’t prepared for it, then your loved ones will be left to pay all of your expenses and bills. Replace Your Income If you are employed at the time of your death, your family will likely need that income to live on. A complete insurance policy will help your family recuperate after you die by providing them with the income that you would have brought in during your life. Your Funeral Isn’t Free Funerals can cost up to $10,000 and sometimes even more. Money from your life insurance policy can go towards paying these costs, or your family can pay for it. When it comes down to it, you probably want your family to not have to worry about funeral expenses. Protect Your Loved Ones For your entire life, you have worked to protect your family. You still want your family to be taken care of after you pass away. This is exactly what life insurance will do for you. If they have to move on with their lives without you, then they should be able to do so in the same manner they're used to. You Can’t Take It with You The hard truth is you can’t take your possessions with you, but there is something else that stays behind when you die: your debt. Regardless of how much you have, this is a debt that you probably don’t want to pass on to your loved ones. Protect Your Business If you thought that life insurance is just for you as an individual, you would be wrong. Life insurance will also keep your business protected from financial loss and liability. Keep Up Your Retirement One thing that many people do not know is that you can actually use your life insurance to extend your retirement savings. If you play your cards right, you can put your money into an annuity that pays a steady income every month for the rest of your life. Use Common Sense Life insurance is just a smart financial move. It is considered a financial asset. Assets increase your net worth and your ability to get a loan and credit. As an added benefit, creditors cannot touch policy funds which are protected even in the event of bankruptcy. Be Charitable One of the other benefits of having an independent life insurance policy involves your ability to get your insurance money to go further. A life insurance policy allows you the opportunity to give a gift to charity after you die that is much greater than you would be able to give otherwise with your own money. Have Greater Peace of Mind The greatest reason to invest in a life insurance policy is for your own peace of mind. Although the funds from your life insurance policy will never be enough to replace you, having life insurance can protect your family from undue financial hardship after you have gone. Many people don’t realize the importance of a West Palm Beach life insurance policy. Having an independent insurance agent help you find a life insurance product that works for you can make sure your family and other loved ones are protected after you die.
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