subject: Primary Purposes of Life Insurance – What are the Primary Purposes of Life Insurance? [print this page] Primary Purposes of Life Insurance What are the Primary Purposes of Life Insurance?
What are the primary purposes of life insurance? The primary reason most people purchase life insurance is to provide financial protection to their families in case of their deaths. Some get this insurance to handle the costs of final expenses. In the case of business enterprises, life insurance policies on owners or partners can help ensure the business is able to continue functioning in case of an unexpected death. With the funds from life insurance, families and businesses can continue to function in the wake of a significant loss.
Most small businesses thrive under the watchful eye of their owners. The business provides financial stability for the owners' families as well as the employees and their families. They provide essential services or products to their customers as well. If an unexpected death takes one of the owners, it is essential that the business continue to run. The employees need the jobs and the customers depend on the ongoing support. One of the primary reasons businesses need life insurance is to make sure that it will be able to run in the wake of the unexpected death of an owner or partner.
Another of the reasons for getting life insurance is making sure families can continue if someone in the family dies. Most people consider getting life insurance after they start having children. And that is the responsible thing to do. Life insurance can help provide the funds missing if one of the primary wage earners dies. It can help fund college dreams and make sure life can go on. It is important to evaluate ongoing life insurance needs as the family grows and expands. Some do not see the need for this insurance until something happens and they wish they had it. Do not leave your loved ones without protection.
Some purchase life insurance to make sure they do not leave debts behind. For people of modest means, leaving something to their children is important. Medical bills and funeral expenses can drain many modest estates. Having life insurance in place can help offset those expenses and preserve the estate. One of the primary reasons for getting life insurance is making sure there is something left for the family. Even with grown children, leaving something is a dream that many parents hold dear. Life insurance is a good way to make sure this happens. And there are affordable policies out there for people in many age groups.
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