How Life Insurance Can Help Your Family
June 9, 2022
Life insurance can help your family in the long run and establish a secure line of protection that will give them a piece of mind. Still, many people wonder — how would a family benefit from life insurance? — and is life insurance important to a family? Indeed, there are many ways in which a life insurance policy can benefit you and your entire family.
Life Insurance Helps Out
Find out why it’s one of the best investments you can make for your family’s safety and financial wellbeing.
Provide for Your (Future) Kids
A life insurance policy is imperative if you have kids — or plan to have them in the future. The aforementioned term life policy can provide peace of mind, but many other types of life insurance may be suitable, too. A term life policy, for example, can provide a payout if you pass away within a specified period. It can protect your kids as well as your spouse. Life insurance can help pay the mortgage or college tuition. Continue to protect the dreams your family may have made.
Get Ready for Retirement
Applying for a life insurance policy might be the best retirement strategy you can have. Specific procedures allow you to accumulate a growing cash value over the years, which can then be withdrawn as a source of income when you retire. It provides security, and more importantly, it minimizes your tax liability. Withdrawals that do not exceed the cumulative amount you’ve paid in premiums will not be subject to taxation.
Enjoy the Benefits of Savings
Retirement isn’t the only occasion that you may need savings for. Emergencies happen, major life events arrive, and plenty of other circumstances might necessitate access to savings. Several permanent life insurance policies let you withdraw cash by taking a loan against the policy’s value. Alternately, you may be able to withdraw a partial amount of the policy’s cash value. You might also be able to surrender the policy and receive a partial payout. However, this strategy is not advisable. Discuss with an insurance agent to determine the best kind of life insurance is best for your family.
About 1891 Financial Life
At 1891 Financial Life we don’t just sell policies, we offer possibilities. We pride ourselves on giving back to the communities that we serve by providing quality and comprehensive insurance solutions. We are a not-for-profit life insurance organization, which means the sales from these financial service products help fund member benefits along with social, educational, and volunteer programs designed to respond to community needs.