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There are many reasons to get life insurance, but a simple rule of thumb is if you have shared debts or anyone relies on your income for their financial well-being, you should consider getting life insurance coverage. every person’s life insurance needs are different and depend on many factors, such as how many dependents you have, how much you expect to earn, and even your gender. Life insurance can provide reassurance that you can live your life to the fullest knowing your family will be financially protected if you pass away.
Life insurance can help protect your loved ones financially by providing a death benefit (usually a tax-free payment) to your beneficiaries if you pass away. Permanent life insurance can also build up cash value that you can access through loans and/or withdrawals to help fund life’s financial opportunities, or realities, like a down payment on a house, supplementing education costs, and health care expenses.
- It helps protect your family's finances
According to Guardian’s Financial Wellness report, Protecting those we love: The role of life insurance in financial wellness, 8 in 10 people whose spouse passed away but had no life insurance say they have not yet fully recovered financially from their spouse’s death. In America, 75% of households that experience the premature death of a primary wage earner without life insurance report that they are living paycheck to paycheck.
- Permanent policies never expire
As long as you continue to pay the premiums for your policy, whole life and universal life insurance policies protect you indefinitely, meaning your insurance can last your entire life.
- Some policies build cash value
Whole life insurance can provide dividends and build cash value, giving you extra money to use for some of life’s other expenses, like mortgage payments, student loans, and the costs associated with sending a child to college.