Having a life insurance policy means future protection for your family. While, of course, nothing could truly replace your contribution to them, life insurance can give you the peace of mind that your loved ones will be financially secure on their own. If you’re debating on whether or not to get life insurance, take the following 5 reasons into consideration:
1. Your family depends on your income.
Providing for your dependants is undoubtedly the most important reason to invest in life insurance. Even with savings, some families can’t afford to pay off their expenses on a single income, especially if a death occurs unexpectedly.
2. Funerals can be extremely costly.
Depending on the type of funeral and burial, a funeral service can cost an upwards of $10,000. Having life insurance could keep your family from having to deal with that financial burden during such an emotionally taxing time.
3. It’s affordable.
The benefits of life insurance don’t have to come at an astronomical cost. If you’re worried about being able to pay for it, know that life insurance rates may be much more affordable than you think. For instance, if you’re looking for affordable life insurance, you could get a $20,000 whole life policy for as little as $2.50/day. can connect you with free quotes to life insurance policies based on your individual needs.
4. It could be a financial asset.
In addition to providing for dependants, individuals also choose to purchase life insurance for investment purposes. A variable life insurance policy, with the ability to invest in bonds, stocks, and mutual funds, could be a good option for diversifying an investment portfolio. It can also help build your credit.
5. It could help maintain your business.
In addition to making sure your loved ones have been taking care of, you may want to purchase life insurance to help maintain your business in the event that something happens to you. If providing for your business and business partners is something you want to make sure keeps happening after your death, having life insurance is crucial to achieving that goal.
When deciding on a policy, you have the option of getting term life insurance or permanent life insurance. Term life insurance allows you choose coverage for typically 10-30 years. This may be an ideal option for individuals looking to purchase coverage until their dependants reach a certain age. The other option would be to purchase permanent life insurance, or a whole life policy.
While life insurance may not be for everybody, if you have loved ones who depend on you financially, it would certainly be the responsible purchase to make. Since rates are more affordable while you’re young and healthy, this is definitely not a decision you want to put off!