Why Life Insurance Matters: Exploring the Benefits and Beyond
August 22, 2023
Life comes with some level of unpredictability and the risk of accidents, injuries and tragedy. With these uncertainties, you might find yourself wondering about how your family will make ends meet. Life insurance is important in this situation. These policies provide financial stability for your loved ones and family members in the event of your death. In the article that follows, you will learn why life policies are so important and why you should consider investing in one.
What Life Insurance Does
Appreciating the value of a life policy starts with understanding the role it plays. Life coverage is a financial buffer for your loved ones to fall back on in the event of your death, which is particularly important if you are the primary earner in the household. The benefits paid from life policies can cover costs, including household expenses, mortgage and rent costs, and even future education. Investing in a policy now can make a difference for your family’s quality of life after your death.
How a Life Insurance Policy Helps
There are many ways that a life policy can help your family after your death. The death benefit can help ensure that your family maintains its standard of living even without your ongoing income. It can replace your lost earnings, which is valuable for households that depend on that money. You will have peace of mind that you protected your family from potential financial hardships, including the unexpected costs of burial and funeral services. Investing in a policy now eases the financial strain your family might face during an already emotional and difficult time of grief.
Some Life Insurance Facts to Know
When you choose the policy that fits your needs, there are many factors to consider. For example, remember that your policy premiums depend on your health, age, lifestyle and coverage limits. It is in your best interest to get your policy while you are younger and healthier to lock in lower premiums. Some policies even generate cash value, which can serve as an investment. Whole life insurance builds value that you can borrow against if necessary, providing you some financial security and peace of mind as well.
Some policyholders choose a whole life policy so that the accumulating cash value eventually covers the policy premium payments. When you choose a policy like this, you might reach a point where the policy remains in force from the cash value with no active payments required on your part.
As you can see, life coverage is beneficial and plays a key role in your family’s financial stability. When you want a safety net to protect your family and cover necessary costs after your death, a life policy is an ideal way to do that. You will have peace of mind that your family has long-term stability, including investments in your child’s education and future financial security. Consider these points, evaluate your options, and secure the life insurance coverage that covers your outstanding debts and provides for your family’s future.
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 Society, 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. In 2023, 1891 Financial Life was listed by Forbes as one of "The World's Best Life Insurance Companies."
Our portfolio is extensive, ranging from various life insurance policies to our annuities to support your financial needs no matter what stage of life you’re in.