Everyone these days is advertising life insurance, but does one really need it? Absolutely! Why? Because not only will having life insurance clean up any financial loose ends after death, but it is a nice way to pass on everything you’ve worked so hard for to those you love, after you’re gone. Since premium rates vary, it is best to call several agents to get multiple life insurance quotes.
When To Buy Life Insurance?
The best time to buy life insurance is when you’re young, because theoretically, you have a long life ahead of you and, over time, more money in premiums can be collected from you; pay out on your insurance is thought to be several years off. However, it can be purchased at just about any age. Special programs have been put into place so that those who are older, but not yet elderly, can purchase a life insurance policy at an affordable rate.
Different types of life insurance policies:
Whole Life Insurance – Builds cash value over time, which can be borrowed against, and pays a death benefit.
Universal Life Insurance – Tax-deferred cash accumulation, and more flexible than whole or variable life insurance.
Variable Life Insurance – Allows for tax-free cash accumulation and a death benefit paid to the beneficiary of choice.
Universal Variable Life Insurance – Allows for more control over the cash account and investing, while paying a death benefit.
Term Life Insurance – No cash value; death benefit only.
Reasons to Buy Life Insurance:
- Replacement of income after death to keep providing for your family
- Paying off any remaining debts incurred before death (medical bills, mortgages, etc..)
- Avoidance of the government seizure of assets
- Tax shelter
This kind of insurance is an investment for the future, whether it be for yourself, or those you leave behind. I was once told by a man that he would never buy life insurance because he had no intentions of leaving a rich widow behind. He obviously didn’t think much of his wife, and had no concept of what her life would be like without him.
Another mistake in his thought process was to think that his wife would automatically receive all of his assets upon his death; therefore he died with no will either. His adult children were stuck with all of his final expenses, and his wife had nothing but the house they’d lived in together for more than 50 years. Her Social Security barely keeps her fed.
If he’d have bought sufficient coverage in time, his children would have had no final expenses to pay, and his wife would not be struggling to make ends meet in her golden years. This is not about yourself, it is something you buy for those you will leave behind, it is how one takes care of their loved ones after they are gone.
Get Life Insurance:
Having such a policy is important, but how does one go about securing the insurance they need? Since the invention of the Internet, buying insurance has never been easier, and if you have a television set, all the better. Insurance companies advertise heavily on television and a Google search for life insurance quotes will yield more than 95,000,000 results, use these means or our form above to find what fits your need.