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Bill Schantz Reinforces Why People Should Buy Life Insurance

Bill Schantz Reinforces Why People Should Buy Life Insurance

Like most people, you may not think about life insurance very often. It’s one of those things that’s easy to put off until later. However, the truth is that life insurance is a vital part of financial planning for anyone with dependents. Bill Schantz outlines some key reasons why everyone should have life insurance, even if they’re young and healthy. He emphasizes how life insurance can provide peace of mind for families in the event of a tragedy. Let’s get started!

Bill Schantz’s Reason for One Must Have Insurance

Here are eight good reasons, as per Bill Schantz, why you should make sure you have adequate life insurance coverage:

To Help Your Family Maintain Their Standard of Living

If you’re the primary breadwinner for your family, your death would likely have a significant financial impact on them. Losing a loved one is already one of the biggest losses in the world, and the situation gets worst when it’s accompanied by financial loss. Life insurance can help ensure that your spouse and children can maintain their current lifestyle after death.

To Pay Off Debts and Final Expenses

Who can deny the uncertainty of human life? Your death would likely leave your family with substantial debt, including any mortgage or other loans you may have. Life insurance can help to pay off these debts and cover any final expenses, such as funeral costs.

To Fund Your Child’s Education

If you have young children, you may want to consider life insurance to help fund their education. After all, a secure future for a child is the priority of any parent. Your child can use life insurance to cover the cost of tuition, books, and other education-related expenses.

To Leave a Financial Legacy

If you have significant assets, you may want to consider life insurance to help ensure that your beloveds are taken care of financially after your death. This can be especially important if you have young children.

To Cover Business Expenses

If you own a business, your death could significantly impact the business. Life insurance can help cover any expenses incurred in your death, such as the cost of hiring a new employee to replace you. If you don’t have any insurance policy, your family may have to sell the business or take on debt to keep it afloat.

To Charitable Giving

If you are a philanthropist, you may want to consider life insurance to help fund your charitable giving. This can effectively ensure that your legacy lives after your death. There are a few different ways to structure life insurance for charitable giving. One option is to name the charity as the policy’s primary beneficiary. The death benefit from the policy would then be paid directly to the charity, which could use it to further its mission.

To Pay Estate Taxes

Your death could trigger significant estate taxes if you have a large estate. Estate taxes are levied on the value of your estate when you die. If your estate is valued at over $5 million, you may be subject to federal estate taxes. In addition, many states have their estate taxes. Life insurance can help pay these taxes and ensure your family isn’t left with a large tax bill.

These are just a few reasons Bill Schantz highlights that you should ensure adequate life insurance coverage. Don’t wait until it’s too late to get your needed coverage.

Wrapping Up Bill Schantz’s Reasons to Buy Life Insurance

So, what do you think? Is life insurance a good investment for you and your loved ones? Bill Schantz has undoubtedly given us a lot to think about. No one knows when their time will come, but having an insurance policy gives you relief that you and your family can recover from the loss if something uncertain happens!