FRIDAY, SEPTEMBER 12, 2014
 Many people think that life insurance is only for married couples with children; in reality, it can benefit people under many different circumstances. The thing to remember is that life insurance is not for the policyholder, but rather for those that the policyholder leaves behind. While these beneficiaries can be children, they can also be disabled siblings, elderly parents or any other family members who rely on the policyholder or could be financially affected by his or her death.
Following a death, many families choose to arrange a funeral, which can be a very expensive undertaking. After adding up the costs for the casket, burial plot, funeral service and headstone, the price tag can quickly exceed $10,000. At the very least, the deceased's life insurance policy can cover the funeral expenses so the family is not burdened by such extravagant costs.
Many people accrue debt over the course of their lives. These debts can come from car loans, mortgages, student loans, credit card usage or other sources. While some of these debts may dissolve with an individual's death, others may be handed down to spouses or family members. Life insurance benefits are often used to pay off these debts, so as not to burden surviving loved ones.
The reason many parents choose to buy life insurance is because the death benefit acts as a form of wage replacement. If something should happen to take you from this world before your kids are grown, the death benefits can be used to help pay the bills. For many low- to middle-income families, the loss of a wage-earning spouse can mean serious financial trouble. And the loss of a stay-at-home parent forces the surviving parent to find a solution for cooking, cleaning and childcare. It's often death benefits that keep families afloat after a loss.
Along with death benefits, some permanent life insurance policies include living benefits as well. With these policies, you accrue cash value as you pay premiums. You can often borrow or withdraw from this sum to fund large expenses, such as buying a home of paying for your child's college education.
If one or more of these situations sounds like it could benefit your family, then life insurance is for you. Call McFarlin Insurance Agency at (410) 312-7800 for more information on Maryland life insurance.
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