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Is Life Insurance Important?
If you have family members who depend on you financially, you should consider purchasing a life insurance policy. A life insurance policy can ensure that your loved ones maintain a financial safety net in the event of your death. Here are nine reasons why purchasing a life insurance policy is important.
Nine Reasons to Buy a Life Insurance Policy
Having adequate life insurance coverage is essential to ensuring your loved ones do not face financial catastrophe in the event of your death. You should consider purchasing a life insurance policy if any of the following apply to you:
- You have a spouse
- You have children who depend on your income
- You have family members, including parents, who depend on your income
- You hold a significant amount of consumer debt
- You’re actively investing in your children’s future education
- You’re a homeowner and/or you’ve renovated your home
- You built a business, or you’re expanding your business
- You’re looking to add diversity to your investment portfolio
- You are in the process of planning your estate
Comparing Life Insurance Options
What kind of life insurance policy should you purchase?
- Term life insurance is typically more affordable than permanent life insurance. You can buy coverage for specified periods of time, or "terms" that typically last between 5 and 30 years.
- Permanent life insurance is in place from the moment you buy them to the end of your life. There are a few different types of permanent life insurance plans, and their premiums tend to be more expensive than the premiums for term life insurance policies.
Determining the importance of life insurance and the type of policy you should buy doesn't have to be difficult. Connect with a licensed insurance agent at 800-966-7169 to explore your options, get a free quote and buy the policy that's right for you and your loved ones.
*Applications for insurance may be subject to acceptance by insurer. Rates and coverage amounts will depend upon the carrier selected.