List of coverages
Getting a pre-approval doesn't need to be complicated. At CapCenter, we keep it simple. All you have to do is apply.
Income replacement
Just because you don’t have children does not mean you don’t need life insurance. Your financial responsibilities will fall to your family when you are gone. Life insurance helps replace the income you would usually bring in and helps support your spouse or adult children. Keeping your loved ones living in the way they are accustomed to is an important thing to think about.
Business protection
If you passed away, would your business suffer? There are many complications and financial issues that can arise due to the death of a business owner. A life insurance policy can keep a business moving during tough times. Key person life insurance is payable to the company and supplies money for the training and hiring of a new employee. A buy-sell agreement, funded by life insurance, allows the other partners in the business to buy the deceased’s share of the business, which provides money for his or her family.
Family support
The average cost of raising a child, born in 2013, to age 18 is more than $300,000. In 2020, the average cost of tuition, fees, room and board for a private college was $51,412 per year. Having life insurance could secure the future of your children in case of your untimely death. With a life insurance policy, there would be enough income to help pay for everything your child could need while growing up.
Funeral costs
The average funeral costs about $10,000. That high price is for standard things, not unnecessary options or luxurious services. A life insurance policy covers the cost of a funeral. Your family will be able to mourn and reminisce comfortably without the burden of funeral costs.
Protecting retirement savings
Once you retire, you may be living off social security. If you are lucky enough, you could have a pension or retirement fund too. But what if your surviving spouse has been relying on you to fund retirement for both of you? The premature death of an earner can affect sources of retirement benefits such as Social Security benefits. Life insurance helps support a surviving spouse during his or her retirement.
Mortgage payments
After your death, any outstanding debts and financial obligations do not disappear. Your home is likely the most significant and most expensive asset you own. A mortgage payment is a large burden for a widow or widower to carry. A life insurance policy allows your spouse or children to pay off your outstanding debts and spare them the stress of making monthly payments on the home and car(s).
Auto payments
Many families lease or finance their automobiles these days. If the primary earner in the family were to die, the family could be left with outstanding car payments for years to come. A life insurance policy allows your spouse or children to pay off your outstanding debts and spare them
Dick Jeffress
Dick Jeffress : Apr 14, 2023 3:15:35 PM
