Reasons to buy life insurance: The death of a loved one is something no family should ever have to experience. When a loved one dies, that leaves the family in shock and reeling for help. The need for financial support can be overwhelming and many families are left struggling as they work to sort through financial matters.
One way you can help ease some of the financial burden is by buying life insurance, specifically whole life insurance.
Whole life insurance is a type of permanent life insurance that pays out an agreed amount of money to the beneficiary upon the death of the insured. Whole life insurance is different than other forms of insurance since it provides you with lifetime coverage and comes with a cash value. Unlike term life insurance, which only covers you for a specified period, whole life insurance provides coverage throughout your entire lifetime.
There are many reasons why you should consider buying whole life insurance including:
1) The cost is low when compared to other forms of coverage. Whole life policies can be less expensive than term policies because they cover you for your entire lifetime and do not require that you renew your coverage annually.
2) Whole life policies have a no- or low-doc level of service. That means you will not have to spend a lot of time and money getting your insurance because the whole life insurance company will handle all of the necessary paperwork for you.
3) The cash values in a whole life policy grow over time and provide an income for you or your beneficiary depending on the age at which you die. If you unexpectedly died, the cash value can be used for new homes, college tuition and other regular expenses.
4) Whole life insurance is designed to act as an investment until such time as it is needed by your beneficiaries, so it is never like losing money. In fact, whole life insurance is unlike a lot of other investment plans since it has the potential to provide you with a refund of premiums paid if you outlive the policy.
5) Whole life insurance provides additional death benefits for your spouse. If your spouse dies before you, your whole life policy can be used to provide income support or even a lump sum payment to help cover any debts or expenses she may have.
6) Whole life insurance helps you protect against unforeseen economic emergencies. Death, illness, natural disasters and other unpredictable events can render you financially helpless. Whole life insurance can be used to provide you with the help you need when these unfortunate occurrences take place.
Whole life insurance is an excellent way to provide for your family, especially if your loved ones are struggling financially after the death of a breadwinner. No one likes to think about death or to plan for that day when it inevitably arrives. However, buying whole life insurance is a good way to prepare for the financial needs of yourself and your family when that day does come.
Why should anyone buy whole life insurance?
Whole life insurance is a type of permanent life insurance that pays out an agreed amount of money to the beneficiary upon the death of the insured. Whole life insurance is different than other forms of insurance since it provides you with lifetime coverage and comes with a cash value. Unlike term life insurance, which only covers you for a specified period, whole life insurance provides coverage throughout your entire lifetime.
There are many reasons why you should consider buying whole life insurance including:
1) The cost is low when compared to other forms of coverage. Whole life policies can be less expensive than term policies because they cover you for your entire lifetime and do not require that you renew your coverage annually.
2) Whole life policies have a no- or low-doc level of service. That means you will not have to spend a lot of time and money getting your insurance because the whole life insurance company will handle all of the necessary paperwork for you.
3) The cash values in a whole life policy grow over time and provide an income for you or your beneficiary depending on the age at which you die. If you unexpectedly died, the cash value can be used for new homes, college tuition and other regular expenses.
4) Whole life insurance is designed to act as an investment until such time as it is needed by your beneficiaries, so it is never like losing money. In fact, whole life insurance is unlike a lot of other investment plans since it has the potential to provide you with a refund of premiums paid if you outlive the policy.
5) Whole life insurance provides additional death benefits for your spouse. If your spouse dies before you, your whole life policy can be used to provide income support or even a lump sum payment to help cover any debts or expenses she may have.
6) Whole life insurance helps you protect against unforeseen economic emergencies. Death, illness, natural disasters and other unpredictable events can render you financially helpless. Whole life insurance can be used to provide you with the help you need when these unfortunate occurrences take place.
Whole life insurance is an excellent way to provide for your family, especially if your loved ones are struggling financially after the death of a breadwinner. No one likes to think about death or to plan for that day when it inevitably arrives.