Some people load up on as much life insurance as they can afford. Other people ignore this coverage altogether, as they don’t see how it will benefit them while they’re living. And of course, there are those who fall somewhere in between.
If you’ve yet to purchase life insurance, there are many good reasons to reconsider in the near future. For example:
- Life insurance provides your loved ones with financial peace of mind after your passing
- Some types of life insurance accumulate cash value
- Life insurance will give you peace of mind
For many people, a lack of knowledge is the only thing holding them back from buying a life insurance policy. If that sounds familiar, here are some questions you can answer to become more knowledgeable:
- How much life insurance coverage do you want to purchase?
- Are you familiar with the differences between whole, term, and universal life insurance?
- How much can you afford to spend on life insurance every month? Every year?
- Who will you name as your beneficiary?
- How do you think a life insurance policy can help your beneficiary after you pass on?
These are the types of questions that will clear the air and help you decide what to do next. The answers will also allow you to formulate a plan for buying the right amount of coverage, all at a price you can comfortably afford.
You’re under no obligation to buy life insurance, but it’s a nice addition to any estate plan. It’ll make you and your loved ones feel better about the future.
Do you have questions about life insurance? Are you wondering if now is the time to buy this coverage? Contact our law firm to learn more about life insurance and how it can fit in with the rest of your estate plan.