Reasons to Buy Life Insurance

As you grow older, get married, start a family,
and begin a business, you realize that life
insurance is indispensable and fundamental
to a sound financial plan. Over the years, life
insurance has given many people peace of mind knowing
that money would be available to protect their
family and estate in a number of ways,
including:

1. To Pay Final Expenses
The cost of a funeral and burial can easily run
into the tens of thousands of Naira and I
don’t want my wife, parents, or children to
suffer financially in addition to emotionally at
my death.

2. To Cover Children’s Expenses
Like most fathers, I want to be sure my kids
are well taken care of and can afford a quality
college education. For this reason, additional
coverage is absolutely essential while my kids
are still at home. You can do this by saving little of that money you use in spending for drinks everyday.

3. To Replace the Spouse’s Income
If my wife had passed away while the kids
were young, I would’ve needed to replace her
income, which was essential to our lifestyle. I
also would’ve needed to hire help for domestic
tasks we’d shared like cleaning the house,
laundry, cooking, helping with schoolwork, and
carting kids to doctor’s visits.

4. To Pay Off Debts
In addition to providing income to cover
everyday living expenses, my family would
need insurance to cover debts like the
mortgage so they wouldn’t have to sell the
house to stay solvent.

5. To Buy a Business Partner’s Shares
Since I’m involved in a business partnership , I
need insurance on my partner’s life. The
reason is so if he dies, I will have enough cash
to buy his interest from his heirs and pay his
share of the company’s obligations without
having to sell the company itself. He has the
same needs (due to the risk that I might die),
and he simultaneously purchased insurance on
my life.

6. To Pay Off Estate Taxes
Estate taxes can be steep, so having insurance
in place to pay them is essential to avoid
jeopardizing assets or funds built for
retirement. Use of insurance for this purpose is
most common in large estates, and uses
permanent (rather than term) insurance to
ensure that coverage remains until the end of
life.

Plan today and I assure you, you will never regret it. They are good policies out there pick one today.