One of the best ways to invest in your loved ones' future is to have financial protection for them in the event of your passing. Even after your final costs have come and gone, there are still financial obligations that could burden them without a life insurance policy from Alban Insurance Agency.
Cover Outstanding Debts
Many of our customers are still responsible for outstanding debt, no matter their age or income level. Whether it be a mortgage, vehicle, or property loan, the monthly obligations that you currently carry will still be there at the time of your passing. If you have loved ones relying on you or those assets associated with the debt, you should make sure that enough funds are left to cover the balance.
Unfortunately, some Massachusetts residents pass while they are still financially responsible for dependents. If you have family or loved ones depending on your income to make ends meet each month, it is important to leave behind funds to get them through the next several years until they can provide for themselves. A good practice is to find the total of your current salary times the number of years left you're responsible for these dependents.
Many parents and even grandparents plan to put aside funds for their loved ones when they go to college. Unfortunately, if you pass before you can put enough funds away, that could impact that person's decision to go. Before you finalize your insurance policy, make sure that you also add enough to cover the cost of tuition for your beneficiaries so that they are financially sound when they apply.
Call Us Today for More Information
If you are a Massachusetts resident interested in purchasing a life insurance policy, give our agents at Alban Insurance Agency a call today for more information.
While our office is located in Springfield, MA, we service the states of Massachusetts and Connecticut.