Why Use Life Insurance?

Why Use Life Insurance Coverage?

If you’re considering the purchase of life insurance you may be wondering why people like you buy life insurance protection.

There are many good reasons to purchase a life insurance plan. Life insurance can provide financial security for those who are dependent on you for financial support.

It can also provide you with Peace of Mind knowing your family will be able to pay their bills and not suffer financial distress should you pass away.

However, the main reason is because life insurance is an affordable way to meet your family’s need for financial security in case you are no longer there to provide for them.

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Here is a list of some of the top reasons people choose to use life insurance as a part of their financial plan:

  1. Pay for Final Expenses including Funeral and Burial Costs
  2. Replace Spouse’s Income
  3. Payoff Mortgage Loan
  4. Pay for Child’s College Education
  5. Provide for Spouse’s Retirement
  6. Pay for Living Expenses
  7. Pay for Child Care
  8. Pay for Estate Taxes
  9. Make Charitable Contributions
  10. To Pay Off Debts including Student Loans and Credit Cards

 

Why You Should Buy Life Insurance Now Instead of Waiting:

  • Your Coverage from Work Doesn’t Provide Enough Protection and You Lose It If You Lose Your Job
  • Life Insurance is More Affordable than You Think
  • Life Insurance is Not Complicated to Understand
  • If You Wait, It’ll Cost You More to Buy Later On
  • Do It for Your Family and Home Mortgage
  • To Pay off Your Student Loans
  • You’re Getting Older and It’s Time to Make a Financial Plan

  

Reasons to Buy a Term Life Insurance Policy:

  1. You don’t want to pass on your financial debt and final expenses to your family and loved ones.
  2. To allow your family to maintain the standard of living they shared with you.
  3. To provide financial security for your spouse to remain at home to raise your children.
  4. To provide money for your spouse’s retirement.
  5. To make sure your home will remain in your family even if you are no longer alive to make the monthly mortgage payments.
  6. So your children have the money to go to college.
  7. To provide for your family’s basic needs and living expenses.
  8. To leave funds to pay for your child’s wedding, business, or for disabled or disadvantaged family members.
  9. You have recently married.
  10. You have become a parent.
  11. You have purchased a new home.
  12. You have received a promotion at work.
  13. You have started a new business.
  14. To protect your business for your survivors.
  15. To provide for estate taxes.

 

The death benefits received by your family from your life insurance policy or policies can be used for any purpose.

And, the death benefits are paid out free from federal income taxes. Your loved ones you designate as beneficiaries may choose to receive a lump sum payment, or monthly checks upon your passing.

The idea of life insurance is much easier to understand than you might expect. Basically, it’s a contract between you and the life insurance company.

You agree to pay a premium (monthly or annually), and in return for your premium payments the life insurance carrier agrees to pay your beneficiary a death benefit if you should die while you are covered by your life insurance policy.

In addition, premiums for life insurance are much more affordable than you may expect, as most people over-estimate the cost of life insurance by 200% to 300%. 

Term life insurance offers the lowest prices on life insurance protection for a period of up to 30 years. With term life you pay a level premium each year and you get life insurance protection for a set number of years, which is referred to as the "term" of your policy.

Most term life plans offer coverage for a term of 10, 15, 20 or 30 years.

  

Life Insurance Quotes

 

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Why Use Life Insurance


 


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