How can you protect your family’s future if something were to happen to you? Life insurance can protect your loved ones financially in the event of your untimely death, ensuring that they have the means to keep living their lives and pursuing their goals—even without you there to support them. Here are five reasons why you need life insurance.
Make a Will
Many people think a will is only necessary if you are wealthy, but in fact, everyone should have one. The most basic reason to have a will is so that your loved ones don’t get entangled in court when your estate is settled. A well-executed will protects beneficiaries and heirs by clearly stating who inherits what. Even if you don’t have a lot of assets, without a will it may be hard for family members to agree on what to do with items that belonged to you.
Depending on where you live, even minors can make wills; some states permit children as young as 14 years old to write their own wills with parental guidance and consent. So why wait? In addition to making a will, it’s also wise to make sure your beneficiary designations are up-to-date.
That way, your money won’t go to an ex-spouse or ex-children after you die — potentially creating further discord in what might already be an emotional time. In short: Make yourself comfortable – no matter how uncomfortable writing a will may seem – and get moving! There’s much less headache (and heartache) if you act now than later…when it’s too late.
If there’s one thing everyone should have, it’s life insurance. And not just any kind of insurance—the best life insurance that money can buy. For most people, a term policy makes more sense than a permanent one: It costs less, since you pay in a lump sum once every few years and don’t have to worry about paying ongoing premiums throughout your life.
They also offer much lower premiums when you’re younger and healthier, giving you plenty of time to sock away money before an illness or accident strikes. If you have dependents who rely on your income for their livelihood—kids or elderly parents who are financially dependent on you.
it might make sense to protect them from that loss with a permanent insurance policy. Regardless of which route you go, if you choose a good-value policy from an experienced insurer, then it’s safe to say that best life insurance is truly priceless.
Save Money On Taxes
Depending on how much life insurance you need, you may be able to reduce your tax burden by factoring in a portion of your payments as a deduction. Business owners especially can often deduct life insurance premiums. A $50,000 policy with an annual premium of $3,000 could save you more than $1,700 in taxes each year if it’s deducted as part of a business expense.
If you don’t own a business but make enough money to itemize deductions on your tax return, some or all of your life insurance payments may qualify for tax benefits. Talk to an accountant about what applies best to your situation; every state is different.
With a few exceptions (donated policies and retirement plan coverage), term life insurance does not factor into Social Security calculations. In other words, if your beneficiaries are depending on that extra income from your death, getting good coverage early on is extremely important .
Make sure that any group plan you participate in offers at least as much coverage —in case something happens to you—as the maximum Social Security benefit . That way those who depend on you aren’t affected one way or another down the line when calculating their own benefits. Just remember.
Whether it’s term life , permanent , universal , whole-life , or another kind of policy, major illness and accidents are common killers in America today – so get coverage now and let us show you how to get cheap quotes!
Pay Off Debt
No, you don’t need a life insurance policy to take care of your loved ones. But you do need it to take care of yourself. Even if you’re young and have a good health, there are many reasons why investing in a policy is important. Without one, an unexpected injury or illness could leave you with crushing medical bills. Your family would be forced to make huge sacrifices just to get by—and even then they might not be able to afford it.
But with a good life insurance policy, all of that can change. Even small monthly payments can add up over time—meaning protection for your family at any age for less than $1 per day! What more incentive do you need? Find out how much term life insurance costs today.
Invest In Yourself
If you have a family, life insurance is essential. And if you don’t have a family, you may still consider it an important financial safety net for your loved ones. After all, who can put a price on your life?