Life insurance can help to protect your assets.
March is Asset Management Month, and many take this opportunity to review their asset protection. From safety precautions to security measures, protecting your assets comes in many shapes and forms. For most, large assets include a home, vehicle, and a sizable savings account. When it comes to your finances and family, life insurance can step in to help protect your assets when you are no longer able to do so.
Life insurance can protect your family and estate in a number of ways, including:
- Pay Final Expenses
The cost of a funeral and burial can easily run into the tens of thousands of dollars. Most family members don’t have this cash lying around. Life insurance ensures that the family doesn’t need to suffer financially in addition to emotionally at the loved one’s death.
- Cover Children’s Expenses
Like most parents, you want to be sure your kids are well taken care of and can afford a quality college education. For this reason, additional coverage is absolutely essential while kids are still at home.
- Replace the Spouse’s Income
If the stay-at-home parent passes away, the living spouse will need to hire services to handle the domestic tasks such as cleaning the house, doing the laundry, cooking, and taking care of the children. This extra expense could easily wear on the single income.
- Pay Off Debts
In addition to providing income to cover everyday living expense, the living family will need insurance to cover debts like mortgages so that they don’t have to sell assets to stay solvent.
- Pay Off Estate Taxes
Estate taxes can be steep, so having insurance in place to pay them is essential to avoid jeopardizing assets or funds built for retirement. Permanent life insurance can benefit large estates, while ensuring the coverage remains until the end of life.
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