Most Americans agree that people need life insurance. Yet only about 70% of Americans have one.
This is sad considering the benefits of having one, and the consequences of not having one.
Insurance is one of the things that’s so easy to put off, unlike health insurance that you know you’re going to need one of these days, or sometimes, almost immediately. But with life insurance, the future seems too far so it’s easier to think you don’t need one yet.
But the more time you put it off, the greater the risks.
So if you need a little bit more convincing, here are compelling reasons why you need life insurance today.
Death is just a matter of time
I know this sounds morbid, and most people don’t want to talk about death. Which is probably the reason why most people don’t want to deal with life insurance. But let’s face it, death is a part of life and we must learn to plan accordingly.
Untimely death in a family is heartbreaking, but more so if the family is left with nothing to survive of. With a life insurance, you’re assured your family will be taken cared of. Which leads me to the next point.
You love your family
This is the best motivation why people decide to get an insurance.Your family will suffer big time if something happened to you especially if they are dependent on you. Spare them from financial burden in addition to their emotional stress. You probably know a family or two who are left to suffer from financial burden after the demise of the breadwinner’s family. Sounds scary? Because it is! So don’t let it happen to your family.
Be prepared. What may seem like an annoying monthly expense now can save your family in the future.
In the event of the insured individual’s death, the beneficiaries can use the proceeds to:
Pay off debts
Who will pay your outstanding debts? You don’t want to transfer your liabilities to your loved ones like your mortgage, car, personal debts, or credit card debts.
Who will pay for their college education? Are they going to afford it? How are they going to sustain their allowances and daily expenses at school? How about their future and dreams? Sure, they can send themselves to college. But you would help them a lot if they are left with your insurance that will help them through college.
You want the best for your children, so make sure they will be okay even when you’re gone. Secure their future by getting an insurance.
Pay final expenses
Funeral and burial expenses are expensive. These cost thousands of dollars. Don’t let your family dip into the family’s savings for funeral expenses. Or worse, what if you don’t have family savings?
A family goes through a great deal of emotional stress as it is when there’s death in the family. Don’t add financial woes into it when you are able to pay for an insurance now.
If you don’t have other assets or savings, the proceeds of your life insurance policy can serve as an inheritance to your beneficiaries.
Insurance as investment
Most insurance plans are tied up with investments. Aside from the maturity value of the insurance, interests, and gains from investments may also be received. Some insurance also pays dividends. Since it is like other investment policies, there are larger risks so you have to consult with your financial advisor.
Sense of Security
When you are insured, there are fewer worries. You are not afraid of death because you are financially ready. You can sleep peacefully and would not be anxious if what tomorrow will bring. Do you know that less stress and having a peace of mind actually prolong life?
Everything I said this article boils down to one thing: we love our family and we want to take care of them even when we’re gone. So be proactive. Save, invest, then get insured!
Talk to your financial advisor for the best insurance tailored to your needs. You can also go to ConsumersAdvocate.org and see reviews of insurance carriers.
Don’t put it off. Do it now when you’re still able.