If you stop and think about all the time, effort and energy you have put into creating your familys assets and your family itself, can you say that you have accumulated enough financial resources that your family would be secure upon your death or the death of your spouse? Or, would it be more likely that you or your spouses loss would financially devastate your family?
Generally, term life insurance is taken out to protect your loved ones from debts. For example, if you and your spouse own a home, and you were to suddenly die, your spouse could potentially pay off the mortgage instead of worrying how he or she will make the monthly mortgage payments alone. A term life insurance policy could also enable your spouse to pay off any of your existing credit card or other miscellaneous debts as all of those are passed down to your survivors.
Additionally, if you have children or if your spouse does not work, term life insurance can protect your family’s finances by providing money for college and living expenses if you die before your children are fully-grown. Your survivors can maintain their lifestyle, as they currently know it. To be sure, buying term life...
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