Should I buy life insurance? That may be a question you have asked yourself over the years as you have worked to get your financial future in order. There are plenty of reasons to buy life insurance, yet some people may be hesitant to make the investment, as they envision it primarily as a way to prepare for their passing, which can be challenging to envision. While life insurance is indeed a smart option to help your family manage finances after your death, there are also plenty of advantages that you can reap today.
Here are a few of the top reasons to buy life insurance:
- Financial emergencies: In certain cases, you may be able to take payouts from or borrow against your life insurance to deal with financial emergencies. For instance, with a Life Credit Living Benefit Loan, you can borrow against the value of your policy’s death benefit to cover financial emergencies such as cancer care. Few people budget for medical crises, but with a life insurance policy, it’s possible to save yourself from going into debt and instead focus on your health.
- Final arrangements: While it can be uncomfortable to think about, funeral and burial costs are high, and assisting loved ones with making your final arrangements is one of the most common reasons to buy life insurance. No one wants to burden their family with financial responsibilities while they’re alive, and life insurance helps you to continue that commitment after your death.
- Affordable coverage: Despite what some may think, life insurance can be extremely affordable. The wide range of options when it comes to life insurance mean you can design a policy that fits your financial needs, with low monthly premiums that don’t break the bank but still contribute to much-needed financial security.
- Cash value: Some policies, particularly those under the whole life insurance umbrella, build cash value as you pay into them. Depending on your plan, you may be able to take cash payouts when needed.
- Peace of mind: Life insurance provides a financial cushion that you can trust will support you in the case of an emergency, and will also help see your family through financial hardships after your passing. It’s hard to put a price on the peace of mind this type of safety net can provide.The answer to “Should I buy life insurance?” is a clear “Yes.” Life insurance can help you manage your finances, both today and tomorrow, to be fully prepared for whatever the future may hold.
If you have at least $75,000 of life insurance coverage and you’ve been diagnosed with cancer or another serious illness, find out if you qualify for a loan from Life Credit or call us at 1-888-274-1777 to speak to a representative today.