The Best Valentine’s Day Present, Coverage for your loved ones
It’s important to take the steps now to ensure your family’s financial future. Protect them with life insurance should the unexpected happen. So how can coverage safeguard you and your family? Simple. The benefits of life insurance can help in numerous ways.
Life insurance can provide financial well-being for your family. Does your family depend on your income to pay for household necessities? Who pays for day-to-day expenses and monthly bills? This is where life insurance can help replace the loss of income. You can also use life insurance as a death benefit – this pays off debts such as your mortgage, car loans and credit cards alleviating some of the financial burden from your family.
Protection is everything
If you own a business, planning for the future includes developing and revising your succession plan to help ensure your legacy passes successfully to the next generation. By doing so, you can create generational wealth. Life insurance helps you cover costs and taxes to ensure the tax burden doesn’t fall on your family.
You can even protect your loved ones beyond death. Literally, love with no boundaries of time. By insuring yourself, you’re setting your loved ones up for a brighter, better financial future. It truly doesn’t have to be “till death do us part” but rather “my death, your security.”
Life insurance can also help you pay for college tuition with your policy’s death benefit. With a policy that accumulates a cash value such as permanent life insurance, you can usually access the cash value through a policy loan or withdrawal while you’re still living. Living benefits can greatly help.
If you purchase life insurance, you normally have access to your policy’s cash value through a policy loan or withdrawal for emergencies and retirement income. Different types of life insurance build a cash value over time which can be used as a form of supplemental income in retirement. You may have the flexibility to use your accrued cash without restrictions other investments may carry.
Leave the misconceptions at the door
There is a general misconception that life insurance is only useful after a person passes away. However, certain policies have elective benefits that can help pay for chronic or terminal illness care expenses. Should you become unable to perform necessary daily activities such as getting dressed or showering, you can have enhanced access to your policy’s death benefit and the remainder going to your beneficiary when you pass away. While this can help protect you financially in your later years, it is not a substitute for long-term care or disability income insurance.
Life insurance is a critical component of your overall financial well-being. From paying for funeral expenses to staying on top of the mortgage payments, the daily cost of living expenses can add up quickly. Life insurance can give you peace of mind knowing your family will be protected.
There are so many options available, so choosing the right life insurance policy for you and your family can be confusing. As you explore your options, be sure to consult with a trusted PHP agent to customize coverage that fits your unique needs.