Life insur­ance is a con­tract where an insur­ance com­pa­ny promis­es to pay a sum of mon­ey to a des­ig­nat­ed ben­e­fi­cia­ry (ex. spouse, depen­dents) if the insured indi­vid­ual pass­es away. That sum of mon­ey is referred to as a death ben­e­fit and will go to the des­ig­nat­ed ben­e­fi­cia­ry. Life insur­ance isn’t manda­to­ry but has made peo­ple con­sid­er its pur­chase because of its ben­e­fits. Human life is pre­cious and irre­place­able, and the unex­pect­ed loss of a loved one can dev­as­tate the fam­i­ly emo­tion­al­ly and finan­cial­ly. There are three rea­sons why you should con­sid­er get­ting life insur­ance.

1. To  Pro­tect Your Fam­i­ly

A pri­ma­ry rea­son to con­sid­er get­ting life insur­ance is to pro­tect your fam­i­ly against the finan­cial prob­lems that are asso­ci­at­ed with the pre­ma­ture death of a loved one. The finan­cial dif­fi­cul­ties include unpaid med­ical bills, funer­al expens­es or any debts out­stand­ing. A ben­e­fit pro­vid­ed by the insur­ance com­pa­ny will help to cov­er these expen­sive costs. A life insur­ance pol­i­cy in place pro­vides finan­cial sup­port to the deceased’s fam­i­ly, pro­tect­ing them from future cred­i­tors.

2. Life is  Unpre­dictable

Life is unpre­dictable. No one knows when they will pass away or how it will hap­pen. All of this is unknown and a prime rea­son to pur­chase life insur­ance. If your fam­i­ly depends on your income for finan­cial sup­port, you should con­sid­er pur­chas­ing life insur­ance to pro­tect them from unex­pect­ed eco­nom­ic costs and hard­ship. We don’t know what will hap­pen in the future but we can do things that will make life in the future eas­i­er for our loved ones once we’re gone.

3. To Bring Peace of Mind

Life insur­ance helps to bring peace of mind to the fam­i­ly and loved ones of the deceased. No amount of mon­ey can ever replace the feel­ing of a loved one but an insur­ance pol­i­cy can help bring peace of mind to the fam­i­ly. Hav­ing life insur­ance cov­er­age will give peace of mind to you and your fam­i­ly, know­ing there is help for the future. You need to wor­ry about one less thing once you’re gone. With the even­tu­al­ly of death, life insur­ance helps to pro­tect your spouse and chil­dren from the uncer­tain­ties of tomor­row and pro­vides them with the sup­port to get through dif­fi­cult times.

There are many rea­sons why an indi­vid­ual will choose to pur­chase life insur­ance, and because of these, there are many poli­cies to choose from. You choose from term, cash val­ue, whole or uni­ver­sal life insur­ance. With var­i­ous poli­cies to choose from, one is avail­able to suit your needs and lifestyle. Life insur­ance m  not be a phys­i­cal object that can be seen or touched, but it is anoth­er impor­tant way to pro­tect you and your fam­i­ly from the unex­pect­ed.

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Allan Baum
Security Industry veteran with over 30+ years in the industry. Founded family owned and operated Protection Plus in 1994 with his wife and has overseen its growth since. In addition to working with his wife and son, Allan has assigned the role of Chief Canine Officer to his trusted dog Waub, who joins him at the office every day.