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3. Leave Memories, Not Bills — Top Three Reasons People Buy Life Insurance

Top three reasons people buy life insurance. According to a recent study, people buy life insurance to:*

√   Pay final expenses — 49%
Note: You can purchase a policy that will simply cover the costs of a funeral.

√   Replace income — 35%
Note: If anyone relies on you for financial support (like a spouse, children living at home, or a loved one with special needs), life insurance can help provide for them after you’re gone.

√   Pay off mortgage — 22%
Note: A policy that pays cash benefits to your spouse or other beneficiaries can help ease the burden of monthly mortgage payments.

*LIMRA (Life Insurance and Market Research Association); Results from LIMRA’s 2016 Household Trends in Life Insurance Study; www.limra.com/ownership

Download your FREE copy of My Life. My Wishes.: A keepsake of cherished memories and final requests.