why you should invest in Life Insurance

6 Reasons Why You Should Buy Life Insurance

Nobody likes to think about how they’ll die. What comes after can be scary, and there’s no way to know for sure when your time will come. What we can do is make preparations while we’re alive. That’s where life insurance comes in. Everyone needs life insurance, but few people actually take the time to get it. The best time to purchase a policy is actually when you’re young and healthy. The longer you wait, the more expensive it will be to get coverage. Learn all about Life insurance here.

If you’ve been keeping insurance on your endless to-do list, this article is for you. We’ll discuss 6 reasons why you should buy life insurance right now.

why you should buy life insurance

1. Replace Lost Income with Life Insurance

The most common reason people choose to have life insurance is to replace lost income. What does this mean? It’s a form of financial security for your loved ones if you pass away. This is especially important if you’re the primary breadwinner.

If your loved ones rely on your income to cover the bills, you need life insurance. A startling 70% of U.S. households would have trouble meeting everyday living expenses within a few months if the primary wage earner in the home died suddenly. If you suddenly passed away, your loved ones would be left helpless to cover their own bills.

2. Cover Debts

If you die, that doesn’t mean your debts die with you. Your spouse or anyone who has co-signed loans with you will be on the line for these payments. If this fails, debtors might try to collect from your estate. This is not what any loved one wants to deal with after you’ve passed. Instead, life insurance can cover these financial responsibilities so they don’t become a problem.

3. Burial Expenses

Burials and funerals are an expensive business. Unless you prepay for your funeral, your family could be on the hook for rising funeral expenses. The average cost for a funeral today is over $7,000, and that’s a lot for a mourning family to worry about. Life insurance offers a way to cover all of these expenses so your loved ones don’t have to worry.

purpose of life insurance

4. Cash Value

Did you know that life insurance can also be a financial tool while you’re alive? While term life insurance is only limited to a period of time, whole life insurance is permanent coverage the only ends if you cancel your policy. This means you can build cash value over time that you can always tap into.

5. Business Expenses

Another reason to buy life insurance is if you own a business. As a business owner, you want to make sure that all of your hard work doesn’t go to waste if there’s an accident. With life insurance, you can offer financial help to your business partners after you’ve passed away, making sure your business can survive.

6. Life Insurance – It’s Affordable

Last but not least, life insurance coverage is extremely affordable. It’s so inexpensive that there’s no reason not to get coverage for yourself or your loved ones. You can choose between term coverage and whole (also known as universal) coverage, but term insurance is generally more affordable.

Also, read Make Digital Payments Online.

The sooner you start paying for health insurance, the less costly it will be. When you start as a young, healthy individual, your rate is incredibly low. You can get coverage for only a few dollars a day, and it’s worth endless peace of mind for yourself and your family.

Protecting Yourself with Insurance

explain the need of life insurance

It’s essential that you protect yourself with the right insurance plans. Life insurance is something everyone should think about, even if they’re young and healthy. It’s hard to imagine what will happen when we’re no longer around, but life insurance makes this easier.

Don’t just stop at life insurance. Other supplemental coverage options aren’t included in traditional health insurance, and they’re just as important. For example, dental insurance isn’t included with traditional health insurance but it’s vital to protect your teeth as you age. Read more to find the best plan for you.

Armed with the right supplemental insurance, you can feel confident about tomorrow. Things happen, and the best thing you can do today is protecting yourself for the future.

COPYRIGHT NOTICE –

© Dipika Singh. Unauthorized use or duplication of this material without express and written permission from this site’s author is strictly prohibited. Excerpts and links used, provided that full and clear credit is given to Dipika Singh (Gleefulblogger). With the right and specific direction to the original content.


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25 thoughts on “6 Reasons Why You Should Buy Life Insurance

  1. Anita Singh says:

    Sach me life insurance bahut jaruri hai ye husband ko unke angioplasty k time samjh aaya aur uske baad hi humne bhi plans liye

    • Pankti Hemant Parmar says:

      #CLICKWITHINTSAX

      Very useful post for everyone as how one has to give secured life to family. Thank you ma’am.

  2. Milan says:

    Dipika I really liked this post, well explained.. Life insurance is must. Hope more and more people understand its need.

  3. Pragnya Mishra says:

    I never knew about the burial expenses coverage from life insurance. I’ll check it out with my insurance plans if they do work on that. Thanks for the informative article.

  4. Neha Sharma says:

    I agree with you Dipika, people should think about investing in life insurance when they are young . Nobody can imagine their family suffering with debt & other expenses if they are not around especially in case he/she is the single earning member of the family.

  5. Snehal says:

    I have never really thought of considering to buy a life insurance. I always thought it would be heck lot expensive! Glad to know that it is affordable too. 🙂

  6. Rakhi Parsai says:

    Gone are the days when only the man of the house would have Life insurance. I strongly believe we all should have one in our name. And I strongly agree with the reasons mentioned by you.

  7. Chhaya Dhamecha says:

    Yes life Insurance policy is very must….because at starting we think that it’s not useful…but the when we have to face the problem at that kind…we knows the value of policy…. dipika in so simple words u explain….great…

  8. Sharvari says:

    I guess when we are young we do not pay heed to life insurance …but we should all invest in life insurance that covers us in terms of medical expenses.

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