Affordable Life Insurance Protection for Your Family

Why Should I Buy Life Insurance?

Are Your Considering The Purchase of a Life Insurance Policy?

Why Should I Buy Life Insurance?

If so, you may be wondering if you should or shouldn’t get insured. It’s only natural. Many people weigh their options before making an important decision; such as, getting life insurance coverage.

One way to decide if you should get life insurance is to ask yourself these questions:

  1. What goal(s) do I want my life insurance policy to accomplish?
  2. What would happen if I had the life insurance?
  3. What would happen if I did not have the life insurance?


The answers to these questions should help you easily decide if you should buy a life insurance policy to meet your needs and accomplish your goals.

Usually, people buy life insurance because they understand they have a need for the financial protection and security that comes with owning life insurance. As well as, the peace of mind knowing that the insurance policy will guarantee a payout of death benefits to the person or persons stated as beneficiaries in the policy, upon the passing of the insured person.

There are many very good reasons that someone would choose to purchase a life insurance policy, including but not limited to the following examples:

  1. Maintaining Family’s Lifestyle
  2. Paying for Monthly Living Expenses of Family
  3. Paying Off Debt
  4. Help Provide for Long-Term Financial Goals
  5. Provide For Spouse’s Retirement
  6. Life Insurance Is More Affordable When You are Young
  7. Provide Funds to Pay Estate Taxes
  8. Form of Forced Savings
  9. You May Get Ill and Not Qualify for Life Insurance Later On
  10. Peace of Mind

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Who Buys Life Insurance Protection?

Throughout your life, you may find you have a need for life insurance protection, whether it be when you get engaged, married, or start a family.

Here are several of the most common examples of people who may have a need for life insurance protection:

  • Single
  • Engaged
  • Getting Married
  • Married
  • Married with Children
  • Adopting a Child
  • Expecting a Child
  • Job Promotion
  • Buying a Home
  • Getting Divorced with Child
  • Retiring
  • Widower
  • Business Owner


Buy Life Insurance for Major Life Events


Here is a list of some of the more common reasons people buy life insurance due to major life events they are experiencing:

  1. Death of a Loved One
  2. Purchase a House or Condominium
  3. Engagement
  4. Marriage
  5. Birth of a Child
  6. Adopting a Child
  7. Promotion at Work
  8. Becoming Legal Guardian of a Child 
  9. Becoming Legal Guardian of a Handicapped Adult


Common Reasons to Buy Life Insurance on Yourself


Here is a list of some of the more common reasons people buy life insurance on themselves:

  1. To Pay for Final Expense Costs – Funeral, Burial, Hospital Bills, and Related End of Life Expenses.
  2. To Pay Off Mortgage Loan
  3. To Replace Your Income
  4. To Provide for Child or Grandchild’s College Education
  5. To Provide for Your Family’s Living Expenses
  6. To Provide for Your Spouse’s or Life Partner’s Retirement
  7. To Leave a Legacy to Your Children and Grandchildren
  8. To Leave Money to a Church or Charitable Organization
  9. To Provide Money to Pay for Estate Taxes
  10. Get a Free Quote for Life Insurance

Common Reasons to Buy Life Insurance on Your Children


Here is a list of some of the more common reasons people buy life insurance for their children:

  1. To Pay for Your Child’s Burial and Funeral Costs
  2. To Guarantee Your Child Has Life Insurance as an Adult
  3. To Build Cash Value Inside the Policy for Your Child’s Future


Common Reasons to Buy Life Insurance on Your Parents


Today, many adult children purchase life insurance plans on their elderly parents.

These insurance policies can help to make sure the money is there to guarantee your parents will have a respectful funeral and burial without any undue financial stress placed upon the family to come up with the funds needed at the last minute.

  1. To Pay for Your Parents Burial and Funeral Costs
  2. To Pay for End of Life Expenses – Hospital Bills, Medication and Credit Card Debt

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When Should You Have Life Insurance?

The optimal age to purchase life insurance is under 35, but few people in that age group are able to afford life insurance, or believe they actually need the protection. 

About 57% of Americans have life insurance and more than half of them are age 45 or older.


What Do You Need to Know When Buying Life Insurance?

A good rule of thumb is to purchase enough life insurance so that your family can live off the interest of the death benefits payout. 

You will need to determine your family’s annual cost of living, and then work backward to figure out how much life insurance you should purchase.

You’ll want to take into consideration all of your monthly expenses, annual income, and future financial goals to understand your overall need for insurance.


Buy Life Insurance for Financial Obligations


Some of the most common financial obligations which people choose to insure include the following examples:

  1. Credit Card Debt
  2. Auto Loan                                                                                 
  3. College Loan
  4. Personal Loans


Future Changes to Your Life

As you grow older you may take on more financial responsibilities that require a greater need for life insurance coverage.

If you purchase a policy now you will be protected at a lower cost than waiting when you are older and the rate will be higher for you to get insured.

If you already own a policy, you may have the option of increasing your coverage amount without being required to take a physical examination.


Future Guaranteed Insurability

If you get a life insurance policy while you are young, you won’t have to worry about a change in your health when you need coverage later on.

If your health changes over time, you may find it more difficult, more-costly, or even impossible, to get insured due to health problems.

By purchasing life insurance while you are young and healthy, you guarantee you are covered later on when you have a greater need for life insurance. 


How to Save Money When Buying A Life Insurance Plan


There are several tips you can use to help you lower the total annual cost of your life insurance, including:

  1. Buy Now – Rates on life insurance increase as you get older.
  2. Choose Term Life – Permanent life insurance costs 2-5 times more than term life insurance. If you only need protection for a period of 30 years or less, term life may be a good option.
  3. Compare Rates – Pricing on life insurance varies by insurer. Make sure you compare rates from multiple carriers before choosing your life insurance policy and carrier.
  4. Annual Payments – Paying premiums once per year instead of monthly will save you on the fee that is charged for the additional handling of your payment processing for monthly payments.
  5. Get Healthy – Eat right and get regular exercise to improve your overall health.
  6. Quit Smoking – Smokers pay up to 5-10 times more than Non-smokers.
  7. Lose Weight – People who are Overweight or Obese are charged a higher rate.
  8. Lower Cholesterol – People with High Cholesterol levels pay more for life insurance.
  9. Use a Calculator – Use a life insurance need calculator to help you decide how much insurance you really need, so you don't pay for more protection than is necessary.


Types of Life Insurance


The two basic types of life insurance plans are Term Life Insurance and Permanent Life Insurance.  Within that, there are different categories of each type.

For Term Insurance, you've got fully underwritten coverage with health examinations (which will generally provide you with the lowest premiums) and non-medical life insurance programs – there’s no exam required, but the premiums are higher.  

Non-medical plans generally feature very similar underwriting requirements as fully underwritten programs, but without the requirement of an exam.  While a life insurance carrier may not request a doctor's statement for every insurance policy, they reserve the right to order one.

For Permanent Insurance, you have options of Universal Life and Whole Life Insurance.  

Whole life will usually be the more expensive option, but provides fixed premiums for life and a consistent build-up of cash value inside your policy over time.  

Universal Life is a flexible program that puts less emphasis on cash value and more on the death benefit. Some people set up a Guaranteed Universal Life Policy (GUL) to maximize their death benefit, and guarantee their premiums remain the same for their entire lifetime.

Life Insurance Quotes

Top Pick – JRC Insurance Group

JRC Insurance Group helps you shop, compare and save on life insurance. Regardless of your age or health background, we'll shop our 40+ insurance companies and find you affordable life insurance you need to protect your family and fit your budget. Compare the best life insurance rates for savings up to 73%. Get Your FREE Quote.

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