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Most people buy life insurance with the same objective — to help keep your family financially secure if you’re no longer around to provide for them. It can be difficult to put money toward something that you hope never happens, especially if you and your family are going through a difficult time financially. It may be tempting to drop a life insurance policy when you’re working hard to stick to a budget, but it’s smart to keep your policy if you can. Here are a few reasons why.

Prevent an Unplanned Return to the Workforce

If a surviving spouse is staying home to raise young children, a lack of financial coverage could force an unexpected or unwanted return to the workplace. This could also lead to unplanned childcare costs and other expenses that haven’t been factored into your family’s household budget.

Prevent the Loss of Your Family’s Home

If your family is unable to afford the cost of your home without your income, they may have to make the difficult choice of selling it. Your life insurance policy, however, can help your surviving family members cover expenses like a home mortgage, or other outstanding debts.

Prevent Children from Taking on Student Loan Debt

A life insurance policy can help your children cover the costs of their higher education if you were no longer around to pay for school. Rather than take on large student loans, their tuition burden may be eased, which may help them create a stronger financial future.

Dealing with financial struggles is stressful — but dropping your life insurance policy to try to save money may not be the best long term plan. See how you can adjust your family’s spending habits to save money in other areas of your household budget. And keep this important protection in place so you can help keep your family’s financial future secure.