Compelling Reasons that you Need Life Insurance

Most people don’t buy life insurance – it’s sold to them.

That’s a critical distinction, because life insurance isn’t a one time purchase, it’s something that you are hopefully going to need to purchase again and again over the course of your lifetime.

If someone sells you an insurance policy, then that’s an “in the moment” kind of decision, one that comes from the will and understanding of another person rather than from yourself. When you buy something, when it’s your idea, you’re invested, and you’re much more likely to stick with it.

No matter who you are, no matter what’s going on in your life, there are good reasons to have life insurance.

6 Compelling Reasons to buy Life Insurance

Life insurance is truly an indispensable part of life. If you’re going to have a sound financial plan, if you’re going to have peace of mind, then you just need to get out and purchase it. Here are six reasons why.

    1. Children’s Needs

In the event that something should happen to you, you want to know that your children will be taken care of. Life insurance ensures that there’s money to pay for living expenses, for college, and to help replace the income loss that would immediately happen should something happen to you. Life insurance can also serve as an inheritance, a simple and economical way to provide more for your family in the long term. When you hire an estate planning attorney, you can ask him or her to include life insurance in your estate planning.

But why make a will? A will is an effective way of protecting your assets, your heirs, and your spouse after the event of your death.

   2. Income replacement

There are people that depend on your income, whether it’s your partner, your children, or other people who are close to you and who count on your support. Life insurance offers you the chance to replace that income so that life can go on. Even if you don’t make a lot of money or stay at home, remember that your other contributions will need to be made up for, whether it be housekeeping or childcare. That unfortunately costs money, which can be covered with life insurance.

    3. Debt

Most people assume that debt just goes away when someone passes away. That’s actually not always true. A mortgage is a great example – insurance money can ensure that mortgage payments can continue should something happen to you, making certain that your family can stay at home. Any other debt that you have that has a cosigner of any kind will fall on them, such as student loans or car payments. And of course your spouse could be responsible for a great many debts. Life insurance is the answer.

   4. Business Partnerships

This is one that many people don’t know about. You can actually get life insurance on your business partner that will buy out their shares and keep the business going in the event that something happens to them. This of course works best when both partners buy insurance on one another, making sure that the business can stay solvent no matter what happens.

    5. Estate Taxes

When someone dies, there can be a hefty amount of inheritance taxes that must be paid by their loved ones. Life insurance is a perfect way to take care of those expenses, and to make certain that your loved ones can keep the assets that you pass down to them.

    6. Final Expenses

Funeral and burial expenses can easily run well into the tens of thousands of dollars. You don’t want your spouse, your parents, or your children to have to be thinking about money at the time of your death – they’ll have enough to worry about and be emotionally drained enough as it is. Your loved ones deserve it.

The Details

Now it’s time to dig into the details of life insurance and get some questions answered.

Coverage amounts

When buying life insurance, you want to be sure that the “death benefit”, which is the amount paid out to the named beneficiary, is enough to do what you want it to. Ideally, you want it to be enough to cover your income from the time that you die until you would have retired while allowing your family to continue their lifestyle when your income is gone. Of course this is not an exact science, but keep in mind that the younger you are when you purchase insurance, the lower the rates will be. Keep in mind any special circumstances that relate to your family.

Choosing Whole Life or Term Insurance

Whole life policies are more expensive, but also give your more peace of mind. When you buy whole life insurance your premiums are higher, but that’s because this kind of coverage is intended to cover you for your whole life. Premiums https://buycbdproducts.com increase over your life, which is a huge plus for this kind of policy.

Term life insurance is much more basic. It’s always going to cost less than whole life insurance, but that’s going to be offset when the premiums rise over time, often by a great deal. Each term can last anywhere from one up to thirty years, and it’s at the end of these terms that premiums can rise.

Over the course of a lifetime, the two kinds of insurance even out in price. There are advantages and disadvantages to each, and the decision really comes down to your financial considerations. Make sure that your coverage is what you’re looking for in the long term as well as what you need to take care of today.

The thing about life insurance is that you don’t know what’s going to happen in the future. You could (hopefully) live well into your old age, paying premiums that you don’t cash in on for a long time. Or your family could need it tomorrow and only end up paying premiums for a short time. Either way, it’s well worth it for the peace of mind and protection that it offers you and your family!

For more information on affordable life insurance, and getting the best option for you, contact Morgan National Corporation today at 1-866-595-3533.  Let us help you protect your future with an insurance policy tailored to your specific needs.