Should you cancel your life insurance during tough financial times?
When money gets tight, it can be difficult to justify keeping your life insurance policy. However, choosing to cancel your life insurance during tough financial times is actually riskier than you might think. Here’s is why you need to keep up with your life insurance payments as long as possible.
- It Can Save Your Family’s Home
If you were already struggling financially, then your death will only exacerbate the situation. Fortunately, if you have the right life insurance in place, your death benefit will provide a financial lifeline for your loved ones. For instance, the money from your life insurance can be used to meet your home mortgage payments, ensuring that your loved ones can continue to live in their home.
- It Will Protect Any Remaining Savings and Assets
If your family were to suddenly lose your income, then they might have to use their savings, retirement, funds, and other assets to pay for everyday costs. Fortunately, having life insurance would ensure that your loved ones do not compromise their personal assets. Instead, the money from your death benefit can be used to pay off debts, meet recurring financial obligations, and take care of day-to-day costs.
- It Can Save Your Children from Taking on Student Loan Debt
If you planned to send your kids to college, then having life insurance coverage will ensure that you make these plans a reality, no matter what happens to you. Your life insurance coverage can be used to fund your kid’s higher education, eliminating the need for them to rely on devastating student loans. When your kids do not incur student loan debt, they will have a much brighter and more stable financial future.
This is why you shouldn’t cancel your life insurance during tough financial times. Do you have additional questions regarding your life insurance? If so, then contact the experts at Promised Land Insurance Group for assistance today.