Reasons to Get Life Insurance – “Have you been thinking about buying life insurance? Sometimes we think about it but never actually do something. A great time to buy life insurance is when you are young, starting a family, a business, or any other life changing event such as buying a house.
Even if you are not in any of those life stages you might still need insurance to cover final expenses such as burial expenses, estate taxes, medical bills and so on. The great thing is that there is virtually a product for everyone whether young or old.
Here are some reasons why you should get life insurance:
- Protect your families lifestyle: Without life insurance how will your family be able to maintain the standard of living they are accustomed to?
- Protect your mortgage: If you pass away without the mortgage being paid, your family still has to make those payments.
- Affordable coverage that fits your budget: Mostly with any budget you can obtain something. Something is always better than nothing.
- Can build cash value over time: With certain types of policies part of your premium payments go towards building a cash value that you can use in case of an emergency.
- To cover final expenses: Don’t leave your family with the financial burden of paying unexpected medical bills, funeral costs. If you have this covered it is also an affordable way to leave an inheritance for grandchildren.
- College Funding: Your family can use the proceeds to help pay for college.
- Benefit is tax free
- Replace income if someone passes away: The “”breadwinners”” income should always be replaced by at least 2 years to give time for readjustments.
- Affordable way to fund a buy-sell agreement : Do you have a buy-sell agreement in place? That’s great! But, if it is not properly funded through life insurance, nothing was really done.
- To leave a lasting legacy to your favorite charity or church: If you are actively involved in your church or charity you should consider that once you pass away those contributions you used to give will no longer be there to support them. Why not leave them with tax-free benefits to continue the mission you started?
There is always someone behind the reason you buy life insurance. You buy it not for yourself but for your loved ones whether that is a family member, friend, or business.
The most important thing is actually taking a step to purchase a policy and maintain. This is why we work with your budget and make one on one appointments to fit your needs.