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The Importance of Quality Life Insurance

When many people imagine their deaths they often envision themselves being old, wrinkled, and gray. Unfortunately, not everyone lives to be old and gray because unexpected fatal accidents or terminal illnesses can occur at anytime. That is why it is imperative for you to have adequate life insurance coverage, and is especially true if you have a spouse and children that are supported by your income.

Funeral costs can sometimes exceed $10,000, and if your family is faced with your unexpected death yet you failed to provide adequate life insurance, this could put a great strain on them. Not only would they have to suffer with your loss, but they would also have to figure out how to cover the cost of a respectable burial as well as pay everyday living expenses that were previously paid for with your income. Having sufficient life insurance would totally eliminate these additional stressors that your loved ones would have to deal with following your untimely death.

Adequate life insurance means obtaining a policy that will cover your entire funeral/burial as well as provide your family with a lump sum of money to pay off a mortgage or get out of debt, no matter what the cause of your death. Many people feel comfortable with the policies provided by their employers, but oftentimes these employer-provided life insurance policies only provide benefits if you should die accidentally or are somehow dismembered. You need a good term life insurance policy in order to be adequately covered. Term life insurance policies pay death benefits no matter what the cause of death, except, of course, in the event of suicide.

If for some reason you pass away and had little or no life insurance coverage, there are non-profit agencies that can assist with funeral costs, depending on whether funds are available or not. Usually, though, the coverage is less than five hundred dollars, which will only pay an extremely small percentage of the funeral service. Many families have had to suffer the humiliation of allowing the state to bury their loved ones in simple boxed caskets with modest funeral services. Surely, this isn't the way that you would choose to be buried, but without adequate coverage, there aren't many options. There is always cremation as an option, which would certainly save your family money, but many people prefer to be buried and have a customary funeral.

Another option that your family would have in the event of your untimely death before attaining adequate coverage to pay for funeral expenses is to call around to numerous funeral homes. If the situation is explained, your loved ones may be fortunate enough to reach one of the few funeral homes that would be willing to accept some sort of payment arrangement. If they're lucky enough, your family member might even locate a funeral home director who is willing to perform the entire funeral, complete with casket and burial, absolutely free. This is not common or likely and only occurs in extreme circumstances, such as with unclaimed bodies.

So, as soon as you decide to get married and have children, it is a good idea to purchase a good term life insurance policy. Policies offered by employers are typically good to rely upon for extra coverage but should by no means be considered your primary life insurance policy. Many people, especially those in their 20s and 30s may feel like life insurance is an unnecessary expense, especially if they are in optimal health, but no one can predict when an unforeseen accident could suddenly claim your life. Therefore, you should always be prepared so that your family doesn't have to endure a financial hardship should your death occur prematurely.

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