6 Reasons Why You Need Life and Health Insurance

Posted on February 6, 2018

Do I need life insurance?

This is a common question we ask ourselves when we think about our loved ones.

With the unpredictable nature of life, no one knows when an emergency may arises. As such, life and health insurance are essential, and here are the reasons why.

You may think of health insurance as a visit to your doctor every once in a while or a benefit to claim at your new job.

It's not a tool you use every day.

But, you never know when the day will come that you will need it.

Similarly, life insurance is what protects you in the event in the direst of situations. It minimizes financial concerns in a time of extreme emotions for your family.

Most people understand the value of each kind of insurance plan.

Did you know you can purchase life and health insurance together, though?

This allows you to take care of yourself now and later. It puts all of your payments and conditions in one plan for easy access and management.

You may have heard this before, but maybe you have yet to see the value of a life and health insurance plan.

Here is why you shouldn't wait any longer to make this valuable investment.

  1. To Take Care of Yourself

You may consider yourself an overall healthy person now.

However, you don't know what kind of toll your health could take in the future.

You may contract a life-threatening illness. You may just need stitches after a slip and fall. Or, you could be in need of a treatment that falls somewhere in the middle.

Whatever happens while you're alive, health insurance helps cover the expenses.

Life and health insurance takes care of you now and later.

Adding life insurance to your health plans means you are taking care of yourself once you've passed, too. It covers all the funeral expenses you will need, which can easily add up.

Funerals aren't something you plan every day, and it's not like you're going to plan all the details of yours. But, you should leave enough money behind to make the process easier for the people who care about you.

  1. To Handle Your Remaining Expenses

In addition to funeral expenses, your existing debt doesn't just go away after you die.

Thankfully, life and health insurance help reduce the remaining balance.

This can be used by the people left managing your accounts. Such funds help pay off medical expenses, a mortgage, and even student loans.

More so, it gives your loved ones the right to manage your investments. Just like you will leave behind some sort of debt, you will have assets in your name as well.

Insurance leaves an estate plan in your name to disperse the funds.

  1. To Plan for Your Loved One's Future

When you plan ahead for your assets, you're really planning for the people you care about.

Say you pass away unexpectedly at a young age, but you were already a parent.

How is your spouse supposed to provide for everyone in the home?

With the help of your life and health insurance package,  he or she won't have to work twice as hard to maintain the way of life you share now.

At any age, insurance also means you are taking care of your children.

Even if you pass after living a long, fulfilled life, your little ones will still be around. Maybe they won't be as little anymore, but your insurance benefits can have a significant effect on how they continue building their life.

  1. To Leave Things in the Right Hands

What if you have many children?

Or, if you are part of a blended family?

This is one in which you've been part of a previous marriage and got re-married. You have blood children and step-children, and everyone is dependant on you on some level.

Such situations are manageable while you're alive.

When you're gone, though, it might cause confusion and even a bit of tension about who gets what.

Life and health insurance can ensure the right people get the right amount of benefits. It helps you leave behind clear terms and conditions for beneficiaries.

This reduces stress and keeps emotions from flaring as various family members try to stake their claim in your estate.

Additionally, it allows you to leave assets to other parties.

If you have a cause you are passionate about or an organization you are heavily involved in, you can mention them in your planning details as well.

  1. To Maintain Your Business

Speaking of beneficiaries outside of your immediate family, you need to think about your business if you own one.

When you go, who is going to run it?

Is it going to be left up for sale, or do you have a partner ready to take over?

Such details can't be left to chance. Make these decisions now so there is no question about the company's future later.

If you are working with a partner, you should handle this step together.

Establish a clear set of expectations in your life and health insurance plan for one another. This turns your current agreement into something formally bound long after one of you has passed.

  1. To Ease Into Retirement

The last benefit of life and health insurance to consider is the retirement benefits.

On top of financial planning for when you leave this world, you can plan payments around the time you want to leave your job.

This allows for a much smoother, and more enjoyable, transition into retirement.

It means you are taking care of your assets now to make sure you have enough to live on later. This could be the difference between taking the retirement vacation you've always wanted or spending your days in the same place as always.

Such a situation may sound like it's years away, but it will come up before you know it. Plan now to take full advantage of this time later.

Start Your Life and Health Insurance Search

It's one thing to understand the necessity of getting insurance.

It's another to know which plan is right for you.

There are various options out there. The details can get a little confusing, but luckily, there are experienced professionals available to help you every step of the way.

Stop putting off this process.

It is easier than you think and more beneficial than you can imagine.

Click here to begin your life and health insurance search.

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