Having a life insurance policy in place should always be an important aspect of your overall financial strategy. This statement holds especially true if you have a family that depends upon your income in order to cover the monthly bills and expenses of life. Part 1 of this article explained a few reasons why you should invest in life insurance. The following information will provide you with the remainder of the top ten reasons why you should invest in life insurance.
There are two (2) popular types of life insurance. Term Life Insurance stays in place for a set period of time, such as 15,20, or 30 years. Whole Life Insurance provides permanent coverage that only ends if you cancel the policy. In essence, Whole Life Insurance allows you to build cash value over time. The cash value is basically a financial cushion that you can access at any time. This may come in extremely handy if you happen to have a financial emergency or need quick access to cash for any reason.
A great deal of people utilize life insurance as an investment tool through Universal Life Insurance Policies that are tied to a specific investment product. Policyholders receive dividend payments that are based on the investment’s performance. There are a few risks involved, so it is always a good idea to consult with a professional life insurance agent before making any decisions.
Business owners should have a suitable life insurance policy in place in order to cover their obligations. You certainly do not want all of your hard work to go to waste. If you have partners, they should also have adequate life insurance in place. That way, if one of you passes away the other partner or partners will not be left in a difficult financial situation.
Typically speaking, when a person passes away their heirs are responsible for paying both estate and inheritance taxes on any assets that they receive. If you are concerned about the fact that your loved ones may get stuck paying a large tax bill, your life insurance policy can certainly help cover these added expenses.
A great deal of people make the excuse that they simply cannot afford a life insurance policy. Just the opposite is true. Coverage is actually affordable for most people, and you can take out a policy amount based on payments that are within your means to make each month. Term Life Insurance tends to be a bit less expensive when compared to Whole or Universal policies. In addition, if you are young and healthy when taking out the initial policy, the monthly payments are significantly less money.
Did you know that a life insurance policy is a viable option when it comes to saving money to educate your children? If you pass away, your insurance can provide a great supplement to your savings, which can pay for things such as a college education. If your son or daughter ends up borrowing money in order to pay for school, the proceeds from your life insurance policy can help them payoff student loans down the road.
Last but certainly not least, a life insurance policy will provide you with a great amount of peace of mind. Although no one can predict the future, having life insurance means that both you and your loved ones can prepare for the future. Even if you start off with a small policy, you will sleep better at night knowing that your family is protected in case something happens to you. If you have any questions about life insurance or would like to explore the many options available to you, please contact Perseverance Moving Forward today. PMF is an industry leading financial services firm with a deep cultural heritage. We truly believe in providing our valued clients with the absolute best products and services available in the marketplace. Our entire business model is constructed on the foundation of not only building, but also strengthening our relationship with you. With PMF you are not a name and number on a spreadsheet. You are family that we cherish. Please contact us by phone at (781) 963-3000 or (617) 925-7790, by email at email@example.com , or stop by our website at https://perseveranceinsurance.com/ . We look forward to hearing from you