GoFundMe vs. Life Insurance: What You Should Know
You have likely seen a GoFundMe page for someone who suddenly passed away. GoFundMe pages allow others to donate to pay for final expenses or to help the family. These crowdfunding activities may be successful but come with some serious drawbacks. The family left behind is asking others for funds, adding stress to one of life’s most challenging times.
Life insurance is a far more effective way to ensure your loved ones have the resources they need if you suddenly pass away. A life insurance death benefit allows the people you care about to have access to money without adding the burden of asking friends and colleagues for money to survive or pay for final expenses. Even a successful GoFundMe campaign will not likely achieve the amount of financial support of a good life insurance policy.
Do You Need Life Insurance?
If you are married, have children, have people in your life you love, or a church or charity you believe in, life insurance is a must. You may be surprised to find out that term life insurance is easy to get and very affordable. The beauty of life insurance is that the death benefit paid to your named beneficiaries is not taxed, and the money is paid rapidly. A GoFundMe campaign allows others to contribute to the needs of a spouse or family, but not everyone can afford to donate. With life insurance, your loved ones can focus on dealing with the grief and loss rather than concerns about how to pay for what they need. The money from the death benefit can cover the cost of medical bills incurred before death, funeral costs, and replace the income the individual provided.
Reasons to Buy Life Insurance
- Life insurance is not for you but for the people you love. If you do not have a policy, you could leave your loved ones with serious financial problems.
- Time to grieve in peace. Your family will be suffering from the loss. The last thing they need is the added problem of worrying about basic survival. Give them the time and resources they need to grieve and move forward without financial trouble.
- The memories you leave behind. When a family is left with minimal financial resources, it creates many challenges. They will be left with all the financial obligations left behind, such as a home mortgage, car payment, the costs of raising and educating children, and affording the necessities of life. Rather than leaving your loved ones with a considerable problem and possibly some resentment, why not leave them knowing how much you cared?
Choosing the Right Life Insurance
While you can purchase life insurance through various online sources, or may receive offers by mail, your best choice is to work with a local insurance agent who has access to the best deals available. Your investment in life insurance can be very affordable, and while we all hope it will never be needed, ensuring your loved ones are protected can give you – and them – real peace of mind.
You can even create a valuable investment by buying permanent life insurance, which builds up value over time, or buying a policy that can be converted from term to permanent. All of these issues can be discussed with your local agent, along with how to calculate the amount your family will need if you are gone. The process of choosing life insurance, with the help of an agent, is far simpler and more pleasant, and typically more affordable than any other way.