Preparing for the unexpected is something most adults are adamant about. The sad reality is that no one is promised tomorrow. Thinking about how your family will handle your untimely passing can be difficult. However, you want to make sure the ones you love are taken care of when you pass. This is why investing in a quality life insurance policy is so important.
Only around 54% of the adults in the United States have a life insurance policy. If you are currently without a life insurance policy, it is time to take action. Here are some reasons why you should view life insurance as an essential investment.
Give Your Family Financial Security
If you are the primary breadwinner in your family, then your death will leave your spouse and children with lots of financial uncertainty. Without the income you generate, your family may lose the ability to pay mortgage loans or other necessary expenses. The last thing you want to do is leave your family to pick up the financial pieces without some help. Instead of leaving huge financial problems after you die, you need to provide your family with a security blanket.
The best way to do this is by finding a life insurance policy right now. If you are unsure about what type of life insurance policy is the best fit for your needs, consulting with the Huntington Pacific Insurance Agency team is vital. You can find an affordable and comprehensive life insurance policy with our assistance.
Your Debts Won’t Disappear After You Pass Away
The average American adult has around $90,000 worth of debt. Some people think that their creditors will write off their debts if they pass away. In reality, many creditors will come after a recently departed person’s family to settle their debts. If you have a spouse, the debts in your name will transfer to them after you die.
This means that your family will not only have to deal with the grief caused by your death, they will also be saddled with more debt. If your main goal is to take care of your family, then you need to realize the importance of a life insurance policy. With the money from your life insurance policy, your family can settle your debts.
Whole Life Insurance Builds Cash Value
If you are unfamiliar with how life insurance works, you may be unaware that some policies build cash value over time. Knowing the difference between term life and whole life insurance policies is important. Term life insurance guarantees a stated payment amount in the event of the policy holder’s death during a pre-determined term. Once this pre-determined term is over, you will have to renew it.
Whole life insurance also offers a payout in the event of a policy holder’s death. However, a whole life insurance policy can build cash value over time. You can tap into this cash value when needed, which makes it a great option for most people.
If you want to get a great deal on a life insurance policy, you need to think about bundling your policies. You can click here to start your insurance bundle quote.
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