Today, many Americans own some kind of life insurance policy — and for good reason. If you have loved ones who depend on you for financial support — a spouse, partner, children, an aging parent — life insurance provides them with financial protection after you’re gone.
What’s unique about life insurance is that unlike many other types of insurance such as home and auto, the main reason you buy a policy is love. Never thought of life insurance this way? Here are some examples that might have you thinking of life insurance as love insurance.
Keeping their dreams alive.
Making dreams for the future a reality requires planning, which is why you make sacrifices and save for things such as a down payment on a first home or higher education. Life insurance can help ensure that the dreams of the people you love will be realized and not die with you.
Staying in the house they call home.
Your home is more than walls and a roof. It’s the place where life happens, and memories are made. If you were to die tomorrow, would the people you love have the financial means to make mortgage payments and remain in the place they call home? Life insurance can replace your income so loved ones won’t have to downsize and relocate, or worse, face foreclosure.
Keeping the family business in the family.
If you’re a small-business owner, you divide your time between business obligations and the people you love. If you were to die, who would take your place to ensure that everything remains business as usual? And, what about monthly financial obligations such as commercial leases, vendors, payroll, and taxes? Would your loved ones have the immediate resources to cover expenses to keep the doors open, or would they have to sell or close up shop for good? Life insurance can ensure that the business you worked so hard to build stays in the family and continues to support the people you love for generations.
Giving them time to grieve.
Funeral and burial costs are immediate expenses triggered after a death. Having enough life insurance to cover your final expenses means that the people you love won’t have to carry that burden at a very difficult time. With this financial stress lifted, they’ll be allowed the necessary time to grieve and take care of themselves and others.
Leaving a legacy of love.
Aside from financially protecting loved ones, many people have charitable organizations or special causes that they support during their lifetime. If you have a cause that’s near and dear to your heart, directing your life insurance payout to specific causes can ensure that you continue to pay it forward long after you are gone.
The number one reason behind a life insurance purchase is love. At Sagicor, we want to make it easy for you to get the coverage you need for the people who mean the most to you — today.
Contact us today if you have any questions about Sagicor’s products or services.