Reasons for Delaying Life Insurance Purchase Outweighed by Benefits
Let’s face it: no one wants to plan for their departure, let alone think about how their family will be provided for afterward.
But the undeniable fact is we all die and we should be planning for it by taking advantage of the many options for life insurance now available.
Life Insurance provides one of the best ways to secure your financial future and that of your loved ones. When you purchase a life insurance policy, whether it’s term life (which covers a certain period and then expires), or whole life, good for your entire life, you are essentially creating an estate that will hold financial wealth for you to be distributed among your family members in the event of your death. Having a life insurance policy provides your family with financial means to use to pay off debts, such as a mortgage or credit card balances, property or federal tax debts and even funeral expenses.
When you think about what a life insurance policy can do for an individual and their family members, it is hard to imagine why so many opt to ignore the need to have one. The reasons are many and varied. Some individuals just do not see the need for life insurance because they think their current assets will cover their bills and outstanding debts.
But there are other reasons for having a life insurance policy. For instance, did you know that some life insurance vehicles can be used to create wealth through savings that can be cashed in at retirement to supplement other means of income, including your IRA or social security? If you are in good health and expect to live well beyond your retirement age, having a life insurance policy can be like creating an extra savings account for yourself.
Laws in many states require that the family member of a loved one who dies be held responsible for debts and outstanding financial obligations, including payments to the IRS or state tax bureau. And yet, many ignore the need for some kind of insurance because they think their savings will do.
Life insurance actually isn’t really just something to be associated with death so much as it is intended to be linked to the idea of providing a good life for those you love and, as already mentioned, for yourself in retirement.
Costs are also a common deterrent to buying a life insurance policy in many cases, yet there is a vast range of different forms of life insurance available to suit most budgets, some as little as $10 a month. And, in most cases, you can make adjustments to your monthly deductible at certain points throughout the life of the policy to meet financial changes, including adding benefits (amounts at payout) by increasing your monthly premiums.
Most life insurance providers are professionals, but you always want to weigh your options when considering a policy. If you have a financial advisor and that individual has not already suggested to you that you add life insurance to your portfolio of assets, then you should ask them for some guidance.
Think of life insurance as one component to your bigger package of savings and investment vehicles. You can have your monthly deductibles set up to be taken out of your checking or savings account each month, so you do not have to do anything more than include that line item deduction in your monthly household budget.
Shopping for life insurance online has become a solid option for many individuals. But most industry providers suggest that you get a few quotes for an insurance policy before committing, just as you would if you were shopping for a car.
You’ll be asked to plug in various parameters concerning your age, location, health status and other things and a quote calculator will automatically produce a close estimate for what you can expect to pay for your monthly deductible.
Keep in mind, not all online life insurance providers are equipped to give you a completely accurate quote, so it is often best to get the rough quote first and then call the provider you choose to discuss the rates and policy terms in greater detail.
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