Help protect your family’s future. Enter your zip code to get your free quote today!

Get Your Free Quote

5 Reasons You Should Consider Life Insurance

Life insurance can seem unnecessary, especially when you're healthy and don't think you'll ever need it. But if anyone depends on you financially, life insurance shouldn't be an afterthought. Here are five reasons you should consider purchasing life insurance

1. Life Insurance Provides You With Options

When purchasing life insurance, you can choose a plan that's the right fit for your family's needs and budget. There are two main types of life insurance policies: permanent life and term life.

  • Permanent life insurance covers you for your entire life as long as you pay your premiums. Whether you die at 30 or 100, your insurance provider will pay out a death benefit to your heirs. Whole life insurance also acts as an investment, building a cash value.

  • Term life insurance covers you for a specific period of time, which can range anywhere from one to 30 years. If you die during the term of your policy, your insurance provider will pay out a death benefit to your beneficiaries. Term life insurance policies are typically less expensive than whole life insurance.

2. Life Insurance Policies Are Affordable

LIMRA and Life Happens conducted a study and found that 80 percent of consumers think insurance is more expensive than it really is. But one of the best reasons to purchase life insurance is that it is actually affordable. Many polices can cost you less than $100 a month. Some people might be able to find coverage for even less.

3. Insurance Benefits Help Pay Your Family's Expenses

One of the main reasons people purchase life insurance is to help provide their family with financial stability after they die. If you have loved ones who are financially dependent on your income, a life insurance policy can be a great way to help ensure their financial stability in the event of your death.

The death benefit paid out to your family after you die can cover things such as your funeral expenses, monthly bills and your children's college tuition.

4. Life Insurance Can Help With Estate Taxes

If you have a large estate, your family could get hit with major estate taxes after you die. If you aren't prepared, the taxes could jeopardize your assets. If you have a large estate, consider purchasing life insurance for an amount that is enough to cover your taxes in the event of your death.

5. Life Insurance Can Help Your Loved Ones Pay Off Debt

When purchasing life insurance, consider any debt that you currently owe. Your family could be responsible for paying your debt after you die. However, by purchasing enough coverage in your life insurance policy, they can more easily pay off debts such as your car payment, credit card bills or mortgage. 

Get A Free Quote

There are plenty of great reasons for life insurance, so why wait to purchase a plan? Connect with a licensed  agent who can help you find a plan that meets your needs. Get a quote online or call 800-966-7169 to speak to an agent today.

 

----------

Sources:

Nerdwallet: www.nerdwallet.com/blog/insurance/what-is-the-difference-between-term-whole-life-insurance/
Bank Rate: www.bankrate.com/finance/insurance/reasons-to-buy-life-insurance-now-3.aspx
Payoff: www.payoff.com/life/money/5-important-reasons-why-you-need-life-insurance/
Money Crashers: www.moneycrashers.com/reasons-buy-life-insurance/

*Applications for insurance may be subject to acceptance by insurer. Rates and coverage amounts will depend upon the carrier selected.

Help protect your family’s future. Enter your zip code to get your free quote today!

Get Your Free Quote

Related Information

Is Life Insurance Important?

Is life insurance important? Here are nine important reasons why you should consider purchasing a life insurance policy.

Read More

Do I Need Life Insurance If I Have No Dependents?

Just because you don't have dependents doesn't mean you don't need life insurance. Find out why purchasing such a policy is still a good idea.

Read More

Who Should Get Life Insurance?

Who should get life insurance? Use this simple guide to decide if it's time for you to purchase a policy. Get a quote today.

Read More

Why You Should Have Life Insurance Coverage

Find out why it is important for you to have life insurance with these 7 simple reasons. Help protect your family from financial instability after you're gone.

Read More

Buying Life Insurance on Your Parents

Taking out a life insurance policy on your parents is actually more sensible than it sounds. Here's why.

Read More

Do I Need Life Insurance?

People with dependents have the greatest need for life insurance, but a life insurance policy can be a useful tool for anyone.

Read More

How Long Do You Need Life Insurance?

How long should you have life insurance for? There are three key indicators that can help you determine the answer.

Read More

Life Insurance On Parents Without Their Consent

Purchasing a life insurance policy on a parent cannot be done without their consent. Trying could be an act of fraud.

Read More

A Guide to Spouse Life Insurance

Spouse life insurance is simply the act of taking out a life insurance policy on behalf of your spouse. Learn about your options.

Read More