More often than not, insurance products looks for us and not the other way around. Put simply, we don’t do life insurance shopping, learning about it through a relative or a friend. A common misconception regarding life insurance is you can only benefit from it when you die. Not so. To understand its value, you might as well look into the diverse reasons to get yourself life insurance.
Here is the top 11 reasons to consider life insurance
1) Serves as a key source for final expenses
Final expenses, which may include burial expenses, inheritance costs, and estate taxes, are hard to bear. The funeral and burial expenses alone can be very costly. However, a life insurance can cover all of these costs.
2) Replaces lost income
When you die unexpectedly, your family will not only lose a loved one, but also the income that you contribute on a monthly basis. You are irreplaceable. Nonetheless, the lost income can be replaced by your coverage.
3) Covers mortgage(s) and other debts
Other than the final expenses, the cash value of the policy can also cover debts that you may reluctantly leave behind. For one, it is a form of mortgage protection.
4) Supports dependents
Aside from your monthly contributions, your financial supports to your aging parents, for example, will stop. This won’t happen if you have an insurance. Your parents may still enjoy their retirement even when you are no longer there.
5) Provides immediate access to cash
If, in case, you have an emergency, you may withdraw or borrow against your policy’s cash value. Insurance providers approve a loan regardless of the purpose of the insurer in securing such a loan.
6) Offers riders that accelerate the death benefits
While you suffer from chronic or terminal illness, you may acquire additional features. In this way, you may further ensure that your loved ones will not suffer financially, paying for your medical bills.
7) Ensures future insurability
Insuring yourself for your children and insuring them is the most practical way of preempting the costly consequences of future health. This is about the family’s genetic blueprint wherein a family’s history of illnesses may take a heavy toll on their future financial security.
8) Meets evolving needs
Changing needs affect the financial security of a family. Speaking of riders, a life insurance product provides various features that can be changed or added suitable to the insurer’s new life circumstances.
9) Provides educational funds
College is very expensive nowadays; what more in the coming years? If your savings is not enough for the continuity of your children’s education, then a policy could be the answer.
10) Offers the possibility of leaving a legacy
Most of us are not very concerned with how we want people to remember us when we are gone. Also, if you are currently supporting a cause, what will happen when you die? The foundation, for instance, may continue with its operation if you will name it as one of your beneficiaries.
11) Renders support throughout the recovery period
A surviving parent, spouse or children may need to take some time off from work while nursing your loss. Likewise, getting used to the new family dynamics is not easy. The proceeds from your policy will help them get through this sad phase.
Evidently, there are many reasons to get yourself life insurance. A policy is actually one way of protecting yourself and your loved ones against the risk of financial loss. At the same time, it helps in securing a bright financial future for them. Nevertheless, while there are many life insurance products out there, you should get the one that provides the most coverage at the least cost possible.