Life insurance. It’s something that you know you need, but are hesitant to purchase. There are many reasons for this, including the fact that it’s never easy to think about your eventual passing.
However, as you become more familiar with the benefits of life insurance, you’ll realize that it’s something you definitely want to add to your financial and estate plans.
Here are three reasons to consider this purchase:
- Peace of mind: It’s natural to have concerns about what will happen to your loved ones upon your death. You’re not there to provide personal comfort, but a life insurance death benefit payout can give them the financial assistance they require during this difficult time.
- Guaranteed payout: For example, with whole life insurance, your beneficiary is guaranteed a payout upon your death. Furthermore, payouts are completed quickly, in most cases, which is helpful when paying for funeral and burial expenses.
- Variety of options: There’s no one size fits all solution when it comes to life insurance. You need to buy what’s best for you, your family, and your budget. For instance, whole life insurance provides a guaranteed payout, however, it is also more expensive than other options. Term life insurance is more affordable, but you’re only buying coverage for a predetermined period of time, such as 10 or 20 years.
These are just a few of the many benefits of life insurance. If you’ve yet to add a policy to your financial plan, there’s no better time than now to consider doing so.
Contact a broker or several life insurance companies direct. Talk about your wants and needs, obtain quotes, and compare them. This will lead you toward the right decision.
If you have questions about how life insurance fits into your estate plan, contact us for the professional feedback you’ve been looking for.