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1. www.westernsouthern.com › life-insurance › why-lifeWhy Life Insurance Is Important: 9 Meaningful Benefits

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   Nov 7, 2024 · Here are nine reasons why life insurance is important. 1. Financial Protection. Life insurance is meant to help protect your family's financial future. Buying a life insurance policy helps secure your family's financial stability if you pass and could help mitigate the stress and burden of an already difficult time.

2. www.cpp.ca › blog › do-i-need-life-insurance-66 Reasons Why Life Insurance Is Important | Canada Protection ...

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   • Allow your dependents to maintain their standard of living. If you’re married with children, life insurance can be critical. It’s not something anyone likes to think about, but it’s important to consider everything the surviving partner would need in order to keep up with car payments, saving for retirement or your child’s education.
   • Pay off debts, such as your mortgage. If you passed away, would your partner be able to afford the payments on your home without your income? Your life insurance policy can provide enough cash to make sure your partner can keep up with your mortgage.
   • Care for an aging parent. Life insurance isn’t just for people with children. If you’re the main caregiver of an ill or elderly parent, it’s likely important to you that the parent would not have to worry financially if you died suddenly or were diagnosed with a terminal illness.
   • Wrap up your business affairs. Life insurance is a great way to ensure the financial security of your dependents in the event of your death. But it’s also a way to protect your business as well.

3. Videos

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4. www.moneygeek.com › insurance › lifeWhy Is Life Insurance Important and Who Actually Needs It?

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   3 days ago · Life insurance is important because it helps prevent your loved ones from facing financial devastation after you die. The life insurance death benefit can allow your beneficiary to pay off your debts and funeral. You can use it to leave a legacy for future generations or provide funds to your favorite charity.

5. www.forbes.com › advisor › life-insuranceTop Benefits Of Life Insurance - Forbes

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   Oct 8, 2022 · Benefits of Term Life Insurance. Term life insurance lets you lock in a level rate for a set number of years. After the term is up, the policy expires unless you renew (at a new, higher rate). A ...

   • If your main goal is to protect your family’s financial stability during your working years, a term life insurance policy is usually the best optio...
   • To figure out how much life insurance you need, consider the risk you’re trying to protect against. If you’re a 25-year-old parent of three childre...
   • The average life insurance rate for a 30-year term life insurance policy with a face amount of $250,000 is $240 a year for a 30-year-old female or...

6. www.sunlife.ca › en › insuranceThe Benefits of Life Insurance | Sun Life Canada

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   Life insurance is important for several different reasons. Mainly, it can provide financial security along with peace of mind for you and your beneficiaries. It can help cover outstanding debts, replace lost income, and handle funeral expenses, helping to ensure that your loved ones are financially protected after you die.

7. fidelitylife.com › why-is-life-insurance-importantWhy Is Life Insurance So Important? | Fidelity Life

   fidelitylife.com › why-is-life-insurance-important

   But they don’t have to. This is one of the biggest reasons life insurance is important. Life insurance is designed to provide your loved ones with financial support after your death – support that can act as an income replacement should it be needed. When you purchase life insurance, you choose a coverage amount.

8. People also ask

   Why is life insurance important?

   • Life insurance is important for several different reasons. Mainly, it can provide financial security along with peace of mind for you and your beneficiaries. It can help cover outstanding debts, replace lost income, and handle funeral expenses, helping to ensure that your loved ones are financially protected after you die.

   The Benefits of Life Insurance | Sun Life Canada

   www.sunlife.ca/en/insurance/life/benefits-of-life-insurance/

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   What are the benefits of buying life insurance?

   • There are numerous benefits of buying life insurance for you to consider. Depending on your financial goals and needs, buying life insurance coverage could be an essential part of helping to protect the financial security of your loved ones.

   Why Life Insurance Is Important: 9 Meaningful Benefits - Western & S…

   www.westernsouthern.com/life-insurance/why-life-insurance-is-important

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   What is life insurance used for?

   • One common use of life insurance proceeds is to help cover the costs associated with death, known as final expenses. These can range from funeral costs to outstanding debts. Life insurance can also provide funds to your dependents for everyday living expenses after you die.

   The Benefits of Life Insurance | Sun Life Canada

   www.sunlife.ca/en/insurance/life/benefits-of-life-insurance/

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   Who benefits most from life insurance?

   • Those with mortgage debt, breadwinners and older adults may benefit most from life insurance. Life insurance serves as a safeguard, helping prevent financial difficulties for beneficiaries. It enables them to handle expenses, pay off debts and manage estate taxes using the policy's death benefit.

   Why Is Life Insurance Important and Who Actually Needs It? - MoneyGe…

   www.moneygeek.com/insurance/life/importance/

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   What is a life insurance death benefit?

   • A life insurance death benefit can pay off debts and end-of-life expenses, replace income, finance your children’s education, fund your spouse’s retirement or leave the amount to an important charity. When do I need life insurance?

   Why Is Life Insurance Important and Who Actually Needs It? - MoneyGe…

   www.moneygeek.com/insurance/life/importance/

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   What is life insurance & how does it work?

   • Life insurance replaces income for your family in the event of your death, ensuring their financial stability and preventing immediate hardship. Some types of life insurance accumulate cash value over time, offering access to funds for temporary financial needs or unexpected expenses.

   Why Life Insurance Is Important: 9 Meaningful Benefits - Western & S…

   www.westernsouthern.com/life-insurance/why-life-insurance-is-important

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9. www.investopedia.com › 5-top-benefits-of-life5 Top Benefits of Life Insurance - Investopedia

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   Dec 12, 2023 · The main benefit of adding life insurance to your financial plan is that if you pass away, your heirs receive a lump sum, tax-free payout from the policy. They can use this money to pay your final ...