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It is no longer a mystery that life insurance is a sensitive subject. In principle, we know that we need such a product, but we don’t like to think about it, probably because it is hard to realize our frailty as human beings, our need for protection or for some it is not very clear why you should need life insurance.

But if we think about it, life insurance acts like a hero, saving the situation when you most need it, being a guarantee that life just goes on. So, here are ten reasons why you need life insurance.

1. Safe planning in an uncertain future

Life is unpredictable. You never know what will happen tomorrow and with all the constant economic changes that take place in the world, you don’t feel safe whatsoever. However, there is a way to feel prepared in front of the unpredictable and that is through taking smart decisions and intelligent financial planning. Life insurance offers protection and certainty when facing the unpredictable: you know you have a good sum of money to rely on, just in case.

2. Protecting your loved ones

We would all like to think that we are immune to disease and accidents, that we are so special that nothing bad will ever happen to us. Despite the fact that nobody want that to happen, there comes a point when you have to ask yourself one simple question: what will my family do after I’m gone? Dealing with an unfortunate event is hard enough without having to think about financial problems. Life insurance is probably the only tool that can help your loved ones better cope with an unfortunate event.

3. Making sure your child can be anything he wants

Paying for a college education for you kids is another important reason why you should need life insurance. With life insurance, little Sara can study ballet like she always wanted and John can enroll in a college abroad. And you have all the means necessary to make their dreams come true.

4. Paying off debt

An important aspect that we should mention about life insurance is that it’s not taxed, so the person who benefits from life insurance, you will get the entire amount. Many people choose to pay off debts with life insurance and this only prove the incredible versatility of such a product.

5. Growing your retirement savings

We are not trying to get you down, but it is common for kids (30-year old) to take out a life insurance police on their parents (60-year old) and enjoy the benefits of the insurance very close to retirement. It may sound dark and gloomy, but it’s a fact: life insurance premiums are a lot cheaper than when your parents are 80 and since life expectancy has grown in the past years, you might be able to cash out an insurance policy when you’re older and closer to retirement.

6. Replacing your income

This is one of the reason why you should buy a life insurance policy the sooner you can. After some point, if you lose your job, you can rely on the life insurance you have been paying for the last couple of years in the form of regular monthly payments. This is available for annuities, a form of life insurance which provides that your payments are invested and grow into an account. Those savings get paid back to you as a fixed income.

7. Making a donation

With life insurance you can give a lasting gift to a favorite cause or charity, a gift that is much more valuable compared to the amount you could have set side for a donation.

8. Making a good financial decision

Life insurance is just like an investment: it helps you increase your credit and with its help you can get a loan or health insurance. Life insurance has cash value (value which is not taxed).

9. Saving money

Experts say we should be saving at least 10% of our monthly income, but how many of us can actually brag about that? How many of us can live on a budget? Instead of putting the money you save every month in a piggy bank, or, worse, under the mattress, buy a life insurance policy that will keep your money safe for dark times.

10. Taking care of medical expenses

Should you develop a disease, a life insurance policy can come in handy when it comes to paying off your medical expenses (which we all know, can cause a big deficit in your budget). That is why it is best you get a life insurance policy from an early age, otherwise you may not be able to get life insurance as you need it.

We hope we have answered why you should need life insurance. Make an appointment with an insurance advisor and see what insurance can do for you.