Does debt have an expiration date? In many cases, when a family unexpectedly loses their primary breadwinner, debts can pile up fast and make life extremely difficult for the surviving members of the family. Luckily, life insurance is the safest and most effective way that financially responsible adults can provide for their loved ones in the event of a sudden death.
Surprisingly, life insurance premiums are much more affordable than most people realise. In a recent survey, over 60 percent of respondents inaccurately estimated the cost of life insurance premiums to be double what they actually are. Considering that life insurance not only provides a generous initial payment but a structured series of benefits over a period of time, the cost of the policy is negligible compared to the stability and reassurance it provides.
Many families have struggled with cost cutting measures due to recent worldwide economic turmoil. A life insurance policy guarantees that no matter what happens, a person’s family will remain in their home and be able to maintain their standard of living without suffering any financial hardship. For many hardworking individuals, providing stability and an excellent quality of life for their families is their primary motivation. Life insurance helps cement that stability well into the future.
Depending on the particular circumstances of the policy holder, life insurance plans can be structured to either pay out in even sums or in larger sums that gradually decrease according to a pre-planned schedule. These two types of policies allow families the greatest flexibility in structuring their debt loads. By choosing the right type of structured policy, a family can continue to meet obligations on their mortgage or other type of long-term loan while they adjust to their new circumstances.
Life insurance ultimately protects those most in need. Breadwinners understand how difficult it can be for a family member who has never dealt with the harsh realities of financial matters to suddenly be thrust into a position of responsibility. By purchasing a life insurance policy, an otherwise inexperienced family member will never have to make unwise financial choices under duress.