Kimberly Battle
Lionshield Life Solutions LLC

Why Is Life Insurance Is So Important ???

Funerals Are Expensive

Even a basic funeral can cost $8,000 - $12,000.  Most people just don’t have that kind of money sitting around waiting to pay for a funeral.  A small life insurance policy will make sure that your funeral costs and other final expenses are covered so that your family doesn’t have to worry about how they are going to come up with the money to pay for your funeral.   Even a very basic funeral could leave your family broke and resorting to GoFundMe if they don’t have the money they need.  Your family will mourn for you, but they should not have to mourn and be stressed out about money too.

It Can Provide Income If You Get Sick or Hurt

Certain life insurance polices can provide "Living Benefits" that you can use while you are still living if you suffer a qualifying terminal, chronic, or critical illness or injury.  Disability Income insurance can replace your lost income if you get too sick or hurt to work.

It Can Pay Off Remaining Debts

A life insurance policy can pay off any remaining debts that you leave behind so that they will not become a financial burden to your family.   Debts such as a mortgage, car loans and credit cards can have a dramatic impact on your family and the lifestyle they have become accustomed to if they are not able to maintain the monthly payments.  A life insurance policy could provide enough money to pay off the mortgage, pay off the car loan(s) and credit cards, and give your spouse some financial breathing room if the worst were to ever happen you.  That way, your family would be able to keep the family home and car(s) when you are gone, and they no longer have your income to rely on.

It Can Provide for Your Children

A life insurance policy can ensure that your children will still be able to attend college, buy a home, and even pay for their wedding if you die unexpectedly.

It Can Supplement Your Retirement Income

Permanent life insurance policies accumulate cash value over the life of the policy, and that cash value can be borrowed against tax-free.   These policies can also be used to supplement your retirement income by providing a monthly income that can be used to cover living expenses during your retirement years.  Certain policies can even provide a retirement income that you cannot outlive, and the opportunity to take advantage of market like gains without the risk of loss.

It Can Protect Your Business

A life insurance policy can be used to insure a key employee, so that if that if that key employee died unexpectedly, their family would be taken care of, and the business would be able to survive the loss of that key employee.  This type of policy could also fund a buy-sell agreement so that the remaining partner(s) could buy the deceased key employee’s share of the business, or it could provide a tax-free cash infusion into the business from the cash value that has accumulated in the policy over time.

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