Ensure Blog

Do You Really Need Life Insurance?

Life InsuranceGetting life insurance is something that many of us put off. Perhaps we don’t want to think about the hassle or the cost of getting life insurance but no matter how hard you try to avoid it, life insurance is a necessity for all of us. Let’s talk about life insurance. It’s never a “fun” conversation to have. But you may find that life insurance is something you not only need, but also truly want. It will protect your family, dependents, business and legacy.

Some reasons to have life insurance

Dying suddenly, in an accident, by unexpected illness or even of natural causes can occur at any time. Life insurance helps your loved ones pay the mortgage, bills, even for a college education. It also provides tax-free cash to pay estate and death obligations. The average cost of a burial ceremony is between $7,000 and $10,000 At an already difficult and emotional time, your life insurance can cover these expenses without financial hardship or further stress. It’s important to consider providing financial support for the future living costs of surviving dependents.

If you decide not to get insurance and later develop a serious illness, you may not be able to get life insurance to the extent you need. Life insurance can be used in case of emergencies by requesting a withdrawal or loan.

Life Insurance isn’t just for individuals. It can protect a business from financial loss, liabilities or instability in the case of the death of a business owner/partner. Life insurance can be invaluable in maintaining the business you’ve worked so hard to build. You can use life insurance to make sure your retirement savings lasts as long as you do. An annuity is like a do-it-yourself pension plan. Life insurance is considered a financial asset, which can help increase your credit. Some policies have cash value, which even in case of bankruptcy cannot be touched by creditors.

Life Insurance can even enable you to leaving a lasting gift to a favorite cause or charity.

Picking a life insurance policy is never easy. There are many different types of life insurance, each of which is best for certain situations.

Term life policy

the most popular of all life insurance products. Term life provides the policy holder with a fixed amount of coverage for a specified period of time. If the client outlives the policy he can apply for another policy.

Whole life policy

A whole life policy provides the covered individual with coverage up to age 100. Universal life policy.

Universal life policy

Combines the length of a whole life policy with the lower cost usually associated with term life policies.

Life insurance is something that everyone should have regardless of their income. It might seem like a waste of money, but no amount of money can ever replace a person. More than anything, life insurance can help provide protection for the uncertainties in life.

Reasons life insurance makes good sense:
  • In Income replacement
  • Burial and other final expenses
  • Mortgage protection
  • Lower premium for younger age
  • Funds for a college education

    Have you seen the light? Looking to start you own life insurance policy? Contact an Insurance Architect at Passarell Insurance Agency today for your free consultation.