Look I get it no one wants to think about death, and a lot of people equate life insurance with death. It IS there, however if the worst were to happen, it can also do so many other things, and doesn’t have to break your budget while doing it. Here are five reasons though why you should consider having life insurance.
1. It’s part of a sound financial plan.
The 2019 Insurance Barometer found that four in 10 households without any life insurance would have immediate trouble paying living expenses if their primary wage earner died. Life insurance helps with planning for your loved ones’ long-term health and happiness, providing you with peace of mind that your loved ones are financially protected. If someone would suffer financially when you die, you need life insurance just like you need a savings or checking account.
2. It’s not as expensive as you think.
Many consumers believe that life insurance is either too complicated or too expensive to consider. In actuality, life insurance is inexpensive and much more accessible that you think. A healthy 30-year-old could qualify get a 20-year term life insurance policy with $250,000 of coverage for about $13 a month.
3. It can build cash value over time.
A permanent life insurance policy has the potential to build cash value or cash-surrender value, which means it can build cash value over time in addition to providing a death benefit to your beneficiaries.
4. Life insurance can be more than just life insurance.
Riders to a life insurance policy, can enhance coverage. For example, you could have a life insurance policy that includes a long-term care benefit to pay for long-term care services. There are a number of different riders available that can help you customize your coverage.
5. It can help maximize your retirement.
Structured correctly, your policy can provide supplemental retirement income via policy loans and withdrawals or even options for long-term care benefits. Life insurance can also maximize a pension by supplementing a surviving spouse’s income, or established into a life insurance trust to allow you to pass on to your heirs outside of your estate (often avoiding both estate and income taxes).
What's Next? Plan on talking to an insurance agent about your needs and budget, remember our help is free of charge with no obligation. Curious as to what it will cost ? Try out our new automated quote tool for a free no hassle quote.