Be ready to succeed with our motivational and career tools!
No one wants to think about death. It’s a difficult subject to discuss, and most people will want to avoid the subject altogether. However, death is a natural part of life. It is not often that people know when they are going to die, and because it is a mystery, it is something we don’t plan for. Unfortunately, it is something we must plan for. While we may not know when it is going to happen, it is important to have plans in place in case the worst should happen. This is where life insurance comes in. Life Insurance is an agreement between a person and an insurance company where, if the insured person dies, the money will be paid to a beneficiary (someone who would receive the money, like a spouse or family member). Life Insurance is not a policy most people think to have, but they should. With so many options available for life insurance, you can find a policy that works for you, regardless of your situation. If you are still unsure about life insurance, or even if you’ve never thought about it - here are 7 reasons you should buy life insurance. It’s One Less Thing for Your Loved Ones to Worry About In the unfortunate case that you die, you will be leaving behind loved ones. They will be dealing with a lot, and the last thing they should be worried about is money. Life Insurance guarantees that your loved ones will receive money in the event of your death. This is especially important if you had a job and that income was supporting your family. Now, even without that income, life insurance will help them financially. It Can Pay Off Debt Unfortunately, debt doesn’t go away in death. If you leave behind any debt, life insurance can significantly reduce or even pay off the debt so your loved ones will not have to worry about it. Between funeral expenses and planning for the future, you don’t want your loved ones to have to be dealing with the added level of stress that comes with paying off debt. It Creates Cash Value for You There are two types of life insurance – term life insurance and whole life insurance. Term life insurance is only active for a specific timeframe (months, year, etc.). Whole life insurance stays in place until you cancel the policy. Whole life insurance also builds up cash value, and you can withdraw from this cash if needed. This way, you can have an emergency fund of cash you can pull from in emergencies (that do not involve your death). It Can Come at a Discount Odds are the insurance company you already work with for car or home insurance also offers life insurance. Combining your insurance options (like [...]