What does life insurance cover?
Do you ever wonder how your loved ones would fare should something ever happen to you? If someone depends on you financially, life insurance is a topic you shouldn’t avoid.
Life insurance: One of those things many people don’t think about… until it’s too late.
We understand – no one wants to think about dying. But do you ever wonder how your loved ones would fare should something ever happen to you? If someone depends on you financially, life insurance is a topic you shouldn’t avoid.
There are many different types of life insurance, but in every plan, the bottom line remains the same: your family receives money after you die, allowing them to manage financial obligations in the absence of your income. In more direct terms, life insurance can help keep your family from having to make drastic changes to future plans following your death.
Life insurance payments are often used to cover things like:
- End-of-life expenses, such as uncovered medical bills and the cost of your funeral and burial. According to the National Funeral Directors Association, the median cost of an adult funeral with viewing and burial in 2019 was $7,640.
- Unpaid debts, like a home mortgage or car loan, credit card debt, taxes, and estate settlement costs. About 73 percent of Americans leave behind some sort of debt, according to data by the global credit reporting company Experian. According to a 2016 study, the average owed was $61,554. Taking mortgages out of the equation, that average was drastically less, but still significant, at $12,875.
- Day-to-day expenses, like groceries, housing, utilities, transportation, and clothing. Would your family take a financial hit if you weren’t bringing home a regular paycheck? Life insurance can help cover ongoing expenses for your family.
- Future needs, like your spouse’s retirement or your child’s education. According to a report released in 2017 by the United States Department of Agriculture, it takes a whopping $233,610 to raise a child in today’s society. Do you want your spouse to have to do that alone?
Yes, we understand that delving into the world of life insurance for the first time can be an overwhelming task. At KFB Insurance, we want to make choosing the right life insurance policy for your family’s needs as stress-free as possible by giving you the information you need to make educated decisions. KFB Insurance is proud to offer custom-fit life insurance coverage through Southern Farm Bureau® Life Insurance Company. Click here to get in touch with a local agent who can help you pick a plan that’s right for you.