Affordable Life Insurance Protection for Your Family
Do You Need Life Insurance Protection?
If you’re wondering if you have a need for life insurance you may want to review some of the more common reasons many people choose to purchase a life insurance policy.
The original purpose to buy a life insurance plan was for "pure protection", meant to replace the lost income of a main breadwinner of a family.
None of us want our loved ones to be left with financial difficulties upon our passing, but the fact remains, if you die without life insurance, your family members who rely on you for financial support may suffer financial distress.
Just consider this, how would your family get by without your paycheck?
If you died today, how would they pay for your funeral, pay the monthly rent or mortgage, pay for food, healthcare, auto insurance and all of the monthly utilities including the phone, electricity, cable and water bills?
That’s right, life insurance can go a long way to providing financial security for your family’s future.
Here is a List of the Most Common Reasons to Buy Life Insurance Coverage:
Note: This is not an all-inclusive list, there are many more reasons why someone like you might choose to purchase life insurance. The point is, if you feel a need for life insurance, then you probably should consider purchasing coverage.
Things to Know About Life Insurance
The owner of a life insurance chooses the beneficiary who will receive the death benefit from a life insurance policy. The proceeds are paid out free from federal income tax, and the beneficiary can use the money as they see fit, for any purpose they wish.
If you own a life insurance policy and are named as the insured person, your beneficiary would receive the death benefit free from federal income tax if you die.
However, if you name your estate as beneficiary, there would be estate taxes to pay on the proceeds from the life insurance policy.
The proceeds from your life insurance policy can be used for any reason by the beneficiaries who are named in the life insurance policy to receive the death benefits.
The main reasons people buy life insurance are because they feel a need to provide financial security for the future of their family, and it provides a peace of mind knowing your family will be taken care of if you die.
Many families choose term life insurance because it offers the most life insurance protection for the money. So, if you are on a tight budget, or just need life insurance for a period of 30 years or less, term life can help.
Term life insurance provides life insurance protection for 1-30 years. Most term life policies offer coverage for a duration (term) of 10, 15, 20 or 30 years. The shorter the term for coverage, the lower your annual cost for life insurance.
If you die during the term of your term life policy, the death benefit is paid out to your family (beneficiary). Remember, the owner of the life insurance policy chooses the beneficiary, and it can be more than one person.
With term life insurance you get pure life insurance protection, there is no investment feature, your policy does not build cash value inside the policy, it provides only life insurance protection, which is why it is so affordable.
When Buying Life Insurance Make Sure to Compare Prices
Shopping for a life insurance plan is easy-to-do on the internet.
Actually, it only takes a few minutes to request a free price quote and receive the lowest prices from highly-rated insurance companies. And, there’s no need to meet with an agent or deal with any high-pressure sales pitch over your kitchen table.
Life Insurance Quotes
Top Pick – JRC Insurance Group
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Life Insurance Needs Calculator – Use this calculator to help you decide how much life insurance coverage to buy.
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