(Newswire.net — December 31, 2020) — It’s hard to overstate the importance of life insurance for fathers, and for caretakers in general. Even if you are not the main provider for your family, a good life insurance policy can still help them get through some pretty difficult times. Here are some of the top reasons why dads need life insurance.
1 – Provide for your family
The main purpose of a life insurance policy is simple enough. If you are the one who provides for your family, your untimely death may leave them without an income overnight. So, you pay a life insurance company with the understanding that if you die, they will give your family a lump sum of money to help them stay afloat after you are gone.
If you are a stay-at-home dad, it’s important to remember that the work you do still has financial value. A life insurance policy can help your family hire someone to help take care of the house in your absence. And an inflow of money after your death will allow your family to take a break and grieve properly, without having to worry about money or making ends meet.
2 – Get peace of mind
If you worry often about the future or work in a dangerous profession, life insurance is a good way to get peace of mind. It guarantees that no matter what happens to you, your family will be able to stay afloat. And not all life insurance policies have to last for decades. Companies also offer specific insurance policies for people who like to practice extreme sports, and people who are traveling into active war zones — be it as a civilian or a member of the military.
Think of a dangerous activity and there is probably life insurance for that. And while high-risk activities will often either have low payouts or huge premiums, these still provide some peace of mind.
3 – Enjoy living benefits
Life insurance policies don’t just payout when you die. Many policies include what are called “living benefits”. These are situations in which the insurer will give you part or the total of your payout value before you die, due to you suffering extensive damage to your health.
Common conditions for living benefit payouts include strokes, heart attacks, cancer diagnosis, debilitating accidents, and terminal diagnosis. These living benefits can be used to help pay for treatment of medical bills, but that’s not a requirement. The insurance company simply deposits the money in your bank account for you to do with it as you wish. Even if you suffer from a terminal condition, living benefits can help greatly improve your quality of life near the end.
4 – Pay for your own funeral
Funeral costs are on the rise in many areas of the world, and the last thing you want your family thinking about during your funeral is money. The insurance payout can cover your funeral costs, and some policies even cover part of your funeral expenses regardless of whether your cause of death was insured or not.
If you are ready to get life insurance but don’t know where to start, visit www.insurancehero.org.uk/personal/life-insurance-for-dads.html.