The Top 5 Reasons You Need Life Insurance Here Is How It Protects Your Future
One of the most important things you can do to protect your future and the futures of those around you is to obtain life insurance, which will make sure that everyone who depends on you financially will be taken care of after you pass away.Top 5 Reasons You Need Life Insurance You Need Life Insurance
But there are many reasons why a lot of people don’t have it, or why they aren’t willing to buy it, or why they aren’t ready to buy it yet.
Reason #1 – You have family or loved ones who depend on you
Life insurance isn’t for you. If you die, your life insurance policy can be used to provide income for your family or a loved one. If you leave someone behind who depends on you financially, like a spouse or child, then life insurance is something you need.
Some term life insurance policies even allow an extra beneficiary (or two) for people that depend on you financially but aren’t named specifically in your will – such as children from another relationship or friends who rely on your financial support.
While it’s hard to think about dying and leaving behind those we love, any parent knows what would happen if they died tomorrow – suddenly there’s no income coming in! Life insurance provides peace of mind knowing that your family will be taken care of if anything were to happen to you.
Life insurance can also help protect against funeral costs, which are very expensive these days. In some cases life insurance can help pay off debt and other expenses so your surviving family doesn’t have to worry about them right away after losing their primary source of income.
Reason #2 – Your income depends on your health
Perhaps you are like many others in your profession who find themselves at a loss if they become disabled. If you can’t work and earn money, you don’t want to be without a source of income. Life insurance can help take care of your family while you get back on your feet.
Term life insurance provides protection that lasts for a certain period of time (the term), rather than indefinitely, and is generally less expensive than permanent life insurance. However, there is still some amount of uncertainty as to whether these benefits will actually be paid out because they depend on future events—namely, that you live long enough to receive them and pay off any loans that were required to buy it.
That’s why buying term life insurance vs. whole life insurance can make sense. With whole life insurance, you lock yourself into a rate based on your health when you first apply for coverage. The rate won’t change no matter how healthy or unhealthy you may become over time. With term life insurance, however, rates decrease with age since statistically people tend to die younger as they get older.
So in essence, term life is more affordable when bought later in life since statistically we tend to die sooner too! But either way – whole or term – it pays to shop around and compare quotes from multiple companies before making a decision so that you get exactly what fits within your budget while also providing maximum coverage based on your needs now and later down the road!
Reason #3 – There are many types of insurance
There are three main types of life insurance available to you: term, universal, and whole. Term insurance is a policy you purchase for a specific period of time—most people get term coverage until they reach age 65 or 70. Universal life insurance policies combine elements of both term and whole life policies.
Finally, whole life is a permanent form of coverage that will keep paying out as long as you’re alive and have paid your premiums each month. Term insurance is usually much cheaper than other options and it only pays out if you die during the term period.
If you die before your term expires, then your beneficiaries won’t receive any money from your policy. Term insurance isn’t right for everyone though; those who don’t need protection against their death should consider getting a low-cost health plan instead (health plans cover medical bills).
Reason #4 – When the unexpected happens you need protection
What if you died tomorrow? Would your family have enough income to support themselves and continue paying for things like housing, food, utilities and insurance? One of a lot of different life events might mean that you need a life insurance policy now; such as having children, getting married or retiring.
A life insurance policy means your dependents will be cared for in case something happens to you. Just make sure to buy adequate coverage; since different policies offer different amounts of death benefits – Globe Life Insurance Policy recommends buying at least $100,000 worth of coverage.
If you want to protect more than just yourself then it’s best to get multiple policies. Most life insurance companies recommend purchasing at least 10 times your salary. So if you’re making $50,000 per year try to purchase about $500,000 worth of coverage (the minimum most companies require).
If you want even more protection increase that amount to 15 times your annual salary (which is around $750,000). Another thing to consider is buying additional riders on top of your basic policy so it covers other expenses not included with a standard term plan; like college tuition and funeral costs.
There are many other reasons why one may need extra protection but those are some common ones we often hear about here at Globe Life Insurance Company®. We’d love to help explain any other questions you may have about protecting what matters most.
Reason #5 – Certain life events can increase your risk of needing life insurance
A drop in income, marriage, pregnancy, divorce and childbirth are among some of life’s major events that can increase your risk for a life insurance claim. These events put extra stress on an already stressed family and limit their ability to cope with a loss.
By protecting yourself and your family financially with life insurance policies like term insurance, you can help eliminate financial uncertainty. If you have dependents to support after your death; be sure to plan for them today by shopping around for affordable term life insurance online.
With term insurance rates as low as $0.49 per day, it is one of the most affordable ways to protect your family from unexpected expenses.Top 5 Reasons You Need Life Insurance You Need Life Insurance
With term life insurance from Globe Life Insurance Company® you could save up to $100 a month* compared to other leading term life insurers!