5 Reasons Why You Must Have A Life Insurance Policy
Posted in Life Insurance last updated on July 18, 2022Read What Our Clients Say About Us
Not having or not having enough life insurance when that unexpected day comes could be financially devastating to your family.
Above all, Life is full of surprises, some good and some bad. The fact that life has no certainties doesn’t mean you should just accept this reality, but dying without insurance is something you are going to want to avoid.
You deserve to have peace of mind knowing that your loved ones will be taken care of financially if something does happen to you. The last question you want a loved one asking is, “who pays for a funeral when a parent dies”?
This article explains why a life insurance policy can provide peace of mind for those who need it most. This way you will never have to ask yourself, “What happens when you die unexpectedly“.
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Why Do Some People Not Buy Insurance
Dying of money is the worst! I get it, you’ve got a life to live. But what about when that all changes one day and suddenly death becomes your only option?
What happens if you have no life insurance?
We want peace in our hearts knowing no bills are left unpaid or children without support system. Unfortunalty, so many people seem content with putting off something so fundamental until they really need its benefits. Then its to late.
I’ve had my share of death-related conversations, and it’s not uncommon for people to avoid talking about their own mortality. I remember talking to a potential client who lost her husband who was not even 40 years old. they were inconsolable as she told me how many times he said he was going to buy life insurance but never did.
Overall, he never liked dealing with death himself. It was unfortunate the price she paid dearly later on when her husband passed away due to an accident without any protection at all.
So why do so many people shy away from buying life insurance? One reason might be that it’s just too expensive. But, in reality, term coverage can actually come at an affordable price for most individuals and families.
In fact, when you take into account how much cheaper term policies are than permanent, it’s a no-brainer!
We should all consider getting our future covered by not waiting until after retirement age (65).
That’s why so few people have the coverage they need. Here are some statistics that should terrify you:
- 60% of Americans had life insurance in 2019, according to LIMRA’s Annual Insurance Barometer Study
- Those with LIfe Insurance policies 1/5 knew there was not enough!
- Consumers surveyed tend towards overpricing;
- Millennials especially think it costs 5x more than what is actually needed for protection which leaves them vulnerable when something happens unexpectedly or without warning
What Happens When You Don’t Have Life Insurance
Some people might think that they can wait to buy life insurance until it’s too late. But, the statistics show us how important this purchase really is for families and individuals who are looking into their futures with an eye on what could go wrong if something happens unexpectedly!
Before you thnk about a preneed plan read our article here.
Here are 5 things that happens when you die and don’t have life insurance
1) Your Income Dies With You
When you die without life insurance, your family can get left in the lurch. That’s why many experts suggest buying at least 10x their income term life coverage so that they have some cash to replace lost wages while grieving and getting back on their feet after a tragedy like death.
The Income Replacement Benefit is one of the most compelling reasons for purchasing this type of protection plan- especially if it means taking care of those who depend upon us.
2) Debts Are Left To Loved Ones
Your debts won’t be so bad after you die, but the truth is that your family will have to foot a large bill if they are left without protection. Life insurance can help with this by providing coverage for major reasons like mortgages on homes and cars as well any credit cards taken out during our lifetime – all at an affordable price!
3) Don’t Leave Your Family With A GoFundMe Option To Pay For Funeral
How much does it cost to die?
GoFundMe is a bummer for the families of those who die. It’s always sad when they struggle or fundraise just because there wasn’t enough money to pay their final expenses, and it’s even worse knowing that if only this person had life insurance then things would have been different (and more peaceful).
4) Your Legacy Will Not Be Intact
Life insurance is a great way to make sure your family stays safe and independent. If you leave behind enough money for college tuition or if the person who finds out about this plans on staying at home with their kids, then they will never forget how much life means when there’s no other legacy but regret because of finances gone wrong.
With all these benefits that come along with purchasing policies – like peace of mind knowing loved ones won’t ever need charity again. Overall, alleviating financial pressure by providing stability during difficult times such as for retirement.
Above all, giving future generations opportunities we might otherwise miss out on due to a premature death. I urge everyone reading this post today, do yourself one favor GET COVERED!
5) Owning A Business With Partners
Abopve all, owning a business with partners can get a little sticky if one of them dies. In fact, can you imagine a next of kin having a say on everyday operations with no experience in the business?
A buy/sell life insurance policy will make sure the portion that the deceased owns will be bought out and the family of the deceased receives the FULL death benefit.
Purchase Life Insurance With A Painless Process
Buying life insurance can be painless and fast if you plan to buy basic term coverage, but it will also save money.
Here are some tips that help me get the right type of policy without any added hassle or stress!
- Find An Independent Agents To Compare Quotes Online
The internet has made it easy to shop for life insurance. You can get quotes from multiple companies in minutes by providing your information, and if you don’t want to provide any contact info or sign up for anything there are no obligations!
Online providers like PinnacleQuote make purchasing affordable coverage super simple with their free quote services.
Whether you’re looking for term life insurance or whole-life coverage, our complete guide can help you find an insurer that fits your needs. We also offer helpful insight into the best policies in terms of monthly cost and how long they’ll last–so take some time to compare! - See Different Coverage Amounts To Find Your Budget
You should definitely buy life insurance, but how much you purchase and what type of coverage is up to your personal preference. Rule of thumb is 10x the average yearly income. This means if this doesn’t cover all that may go wrong in case something does happen?
If not sure about term versus permanent policies it’s important for individuals looking at getting their plan set before purchasing any kind as they can tailor those choices later on down the line after more information has been collected from them regarding finances or family needs.
You might think that there’s a “right” answer for how long to buy life insurance, but the truth is every person and family has different needs.
For example: if you’re young with children at home – 30 years could be too short! But as an older retiree who plans on retiring by age 55-65 may feel more comfortable in 15 year coverage or even 20. - See If You Qualify For A No medical Exam Term
The result of a recent study conducted by LIMRA, 50% percent of consumers claim that they would be more likely to purchase life insurance if priced without any physical exams. And can you blame them?
Medical examinations require blood draws and often take up time from work or school schedules- so why not just buy yourself some peace-of mind now instead?!
Thankfully, many life insurance providers don’t require a medical exam. Instead they rely on algorithms to determine who’s at risk of dying and can purchase coverage that begins right away.
The Truth About Buying Life Insurance NOW
You are probably on the verge of buying life insurance, so don’t let another day go by without coverage. You may not think something could happen in your lifetime but it doesn’t always work out as planned. Remember, 8000 people a day die in this country.
Overall, if you’re unlucky death happens those around who love/depend upon you will be caught holding the bag. This is why taking just 30 minutes to get an estimate can help them continue providing financially after all costs have been paid!
Conclusion
With all of the risks in life, it’s always a good idea to have some form of protection. There are four major reasons why everyone should consider purchasing and maintaining at least one type of life insurance policy throughout their lifetime.
- Life Insurance is inexpensive
- It provides peace-of-mind knowing you will be taken care for if something unexpected happens
- You can customize your coverage depending on your needs and circumstances; and lastly
- The proceeds from a life insurance policy provide financial stability for both you and those who depend on you.
If any these points resonate with you or someone close to you, we invite you to fill out the form to the right and get a quote today!
