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Cayman Parent | Articles | Expert Advice | CP Tips | 5 Key Reasons to Consider Life Insurance for Your Family

CP Tips | 5 Key Reasons to Consider Life Insurance for Your Family

Why Buy Life Insurance?

As you get older, get married, have children and/or start a business you begin to realise that having life insurance will give you peace of mind, knowing that money will be available to protect your family and business in a number of ways. So to help, Cayman Parent suggests the top five reasons why you absolutely need life insurance:

To Pay For Funeral Expenses

A funeral and burial or cremation can cost tens of thousands of dollars, particularly in Cayman where throwing the simplest of functions can cost a pretty penny. Leaving your family to worry about money on top of the emotional turmoil of your death is often something people don’t want to do.

To Cover For Your Children’s Expenses

If you have young children you will want them well taken care of and able to afford a good education all the way to university.

To Replace Your Spouse’s Income

If you have always relied on two incomes to afford your lifestyle, then replacing your spouse’s income will be vital. As a single parent to young children you might well need to hire help for domestic tasks, such as helping with homework, driving the kids around to activities, cleaning the house and doing the laundry.

To Pay Off Debts

As well as providing a source of funds to cover living expenses, your family can use the life insurance to pay off the mortgage, expenses from the funeral and any other debts you may have had. You don’t want them to have to sell the family home just to stay solvent.

To Buy the Shares of a Business Partner

If you are involved in a business partnership, you might want to consider getting life insurance on your business partner’s life. The reason is that if they die you will have enough cash to buy out their interest in the business and pay his share of the company’s obligations without selling the company itself. He/she obviously has the same needs and should get life insurance on your life as well.

 

 

 
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Stuarts Walker Hersant Humphries

Stuarts Walker Hersant Humphries specialises in wills and estate planning.

 
 

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