5 REASONS WHY YOU NEED TO HAVE A DEATH BENEFIT
Having a Death Benefit is one of the most important financial decisions any one can take. And you might ask, why is it so important? No matter how much a person earns, he/she can never be certain of how or when they will die. Lots of people die prematurely and suddenly every time due to accidents, sicknesses, even suicide, and if you happen to be the dread winner of your family, your death will definitely cause a devastating effect on your oved ones.
Therefore, the least you can do for your love ones while you are still alive is to make sure you secure their future by getting a death benefit. In this article, we will be looking at 5 important reasons why you need to have a Death Benefit.
1. TO HELP DEAL WITH DEBT: After your death, I am sure you wouldn’t want your family to deal with any financial liabilities or crisis. Financial liabilities such as personal loans, loans on credit cards, or mortgage can easily be taken care of if you happen to have a death benefit.
2. LOOKING AFTER YOUR LOVED ONES EVEN AFTER YOU ARE DEAD: this is the most important benefit of a death benefit. As the breadwinner of your family, the death benefit will help you to cater for the needs of your loved ones even after you are gone. However, some family members might already believe in you so much that you can ever let them down and you certainly don’t want to let them down eve after you are gone. Whether it’s for paying for your child/ren school fees, or making your spouse/loved ones get the much needed financial security, Death Benefit can come in handy.
3. A TOOL FOR FORCED AND SECURED SAVINGS: Not everyone is disciplined enough to make a decision to save and stand buy it. Some people will save today, and withdraw tomorrow, while others won’t even make it to the saving stage. But with death benefit, whatever money you invest will remain there till you are gone, and is ripe enough to be withdrawn by the beneficiaries. Also while saving/investing, the money will continue to grow.
4. TAX SAVING PURPOSE: You can save taxes with death benefit, irrespective of what you have invested because Death Benefits are tax free.
5. PEACE OF MIND: death is unavoidable, and is something that must eventually happen to everyone at one time or the other. And in the face of tragedy and mourning, you definitely wouldn’t want your family going through more stress especially if that stress can be avoided. One of the avoidable stress is financial crisis, and the least you can do to help in this regard is to secure their financial future. Even if it’s a small amount, at least you will know you have done all you can to help them with financial matters.
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