Preparing for the Unexpected with Life Insurance

While not all unexpected events turn out to be negative, most of the time, the ones that affect your finances tend to be negative surprises. While you can’t control what happens in the future, a bit of planning can help manage the outcome. That said, with life insurance from North Coast insurance Services of Lexington, MI, you are better-placed to handle what life throws at you (even when you are long gone).

Planning about the future? There are not many better ways to plan your life 10, 20, or 30 years from now than investing in life insurance. Here is how life insurance helps you prepare for the unexpected.

How life insurance helps you plan for the unexpected

The primary goal of investing in life insurance is to protect your financial interests when you pass on. Here is how life insurance helps you protect the things that matter most in life:

  • Protects your dependents when you die: If you have children, aging parents, or siblings that depend on your income, you can protect them by investing in life insurance when you die unexpectedly.
  • Pays your debts even when you pass on: If you have a mortgage, car, or student loan, you don’t have to burden your loved ones when you die. Invest in life insurance, and the proceeds can be used to settle your outstanding debts when you die.
  • Supplements retirement income: You always think that life insurance comes into life when you die. This notion isn’t entirely true — if you invest in whole life insurance, it accumulates a cash value that you can borrow against it.

While you can’t plan for everything in life, there are specific steps you can take to cushion yourself when things become awry. If you want to protect the precious things in life, investing in life insurance is an excellent choice. To get coverage in Lexington, MI, please contact North Coast insurance Services.

How You Can Use Your Life Insurance Benefits

When it comes to mapping out your life financially, life insurance should definitely be part of the plan. This is because the right life insurance policy will help secure a financial future for your family once you pass away. Life insurance won’t just help cover your final expenses, but it can provide a financial safety net for your family by acting as an inheritance or helping to replace your income. Read on to learn some of the ways Lexington, MI residents can use life insurance benefits, and when you’re ready, North Coast Insurance Services can help you find the right policy for you.

Paying Final Expenses

The most popular way for people to use life insurance benefits is to pay final expenses, such as cremation or burial costs, estate settlement expenses, medical bills, and any other obligations that were left unpaid.

Replacing Income and/or Paying Off Debt

When you pass away, you are leaving your family behind without your income. Life insurance benefits can replace that income, allowing your family to still pay the mortgage payment or pay for college tuition. In addition, the benefits can be used to pay outstanding loans and debt.

Inheritance

Some individuals simply purchase a life insurance policy with the sole intention of leaving an inheritance for their loved ones. If this is what you would like to do, make sure that the beneficiary on your insurance policy is the individual you would like to receive the money as an inheritance. This ensures the life insurance benefits go directly to the person who you intended on receiving it.

Charitable Contributions

If you have always been a giver, you may wish to use your life insurance benefits to give to a favorite charity. Like an inheritance, you will want to name the charity as the beneficiary to ensure your charitable goals are met upon your passing.

Life insurance is not something that many Lexington, MI residents want to speak about due to the fact it is such a sensitive topic; however, it is important to secure your family’s financial future. North Coast Insurance Services can help you understand the life insurance options available to you and what may be best suited for the needs of you and your family.

3 main benefits of buying life insurance while young

Around 41 percent of Americans don’t have life insurance. At the same time, 84 percent of Americans agree that people should have life insurance. From this study, it’s easy to point out that the younger people believe they should have life insurance but have not yet got one as they assume they are too young for life insurance. While this is technically true, you can save money and get several other benefits when you buy insurance early. Here are the big three.

You get more money

The younger you are when you buy life insurance, the more time you have to get the most out of your life insurance. Term life insurance in Lexington, MI is generally cheaper than whole life insurance can generate a good amount depending on the agreed duration. However, before settling down on a specific policy, it’s essential to speak to our insurance experts at North Coast Insurance Services to help you pick your type of policy based on your needs.

Young and healthy means good rates

When you buy life insurance at a young age, your premium rates remain the same for that duration of your policy unless you decide to change the coverage limits. You can lock in lower premiums and substantially reduce the amount you would spend on life insurance. Apart from age, health is also a critical determinant of how much you pay for your life insurance. When you are young, energetic, and healthy, you are likely to have a clean health record than older people who may have already started dealing with senior-age illnesses.

Get the peace of mind that your loved ones are protected.

Life insurance provides you with the assurance that your loved ones will be financially stable if you died. If you are in a relationship, you may want to secure the future of your to-be children. They can use the money to pay off a mortgage you took, college fees, or finance your burial expenses.

Looking to buy life insurance in Lexington, MI, soon? Call North Coast Insurance Services, and get a policy that matches your needs.