Ten Reasons People Buy Life Insurance
Buying Life Insurance Says: I Love You.
People buy life insurance primarily to protect the ones they love in the following ways:
- To payoff the mortgage so they can leave a debt free home.
- To replace lost income needed to protect the family.
- To provide funds for college tuition and college expenses.
- To provide funds for elder care expenses.
- To create a forced savings plan through cash accumulation.
- To payoff any debts existing at the time of death such as installment loans, credit cards, medical debts, etc.
- To pay funeral and related expenses.
- To create peace of mind by establishing an emergency fund for your spouse and/or children.
- To provide funds to replace a key person in your business upon his or her death.
- To provide funds to assist children in buying a home.
Life insurance becomes more expensive the older you get and it's possible that some unforeseen event could make it impossible for you to quality for life insurance in the future. Waiting to buy life insurance in the future has its risks. The time to invest in your family's security is today.
Your independent insurance broker will explain the differences in the various types of life insurance, including term life and whole life policies which are the two most common types of policies:
- Term life insurance is pure insurance that does not include a cash value. It protects you for a limited number of years such as 10 years, 20 years, or 30 years. Term life insurance is far less expensive than other types of life insurance.
- Whole life insurance is a form of permanent insurance, which in most cases, never expires and builds a cash value in addition to the death benefit. Whole life insurance policies are more expensive than term policies.
An independent insurance broker can assist you in determining the best type of life Insurance policy or policies for you, given your objectives.
Life Insurance - Types of Policies
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