Life Insurance Plans to Protect Your Family
May 24, 2022
You should plan your retirement strategy as soon as possible to figure out the logistics of possible life insurance plans. The quicker you come up with a plan, the faster you can start saving. As you think about the future, it's essential to plan for the worst-case scenario. What will happen if you pass away unexpectedly?
Life Insurance Plans
Life insurance provides peace of mind by providing for after you're gone. Of course, it's an additional expense, so many people put off purchasing it. If you're young and don't have a dangerous job, do you need this type of insurance? Once you look at the facts, you'll see how much the benefits outweigh the cost.
Why You Should Consider Life Insurance If You Have a Family
Raising a family means constantly thinking about the future. Your partner and children will miss your income when you pass. Immediate concerns such as funeral costs can stress loved ones, especially when the event happens unexpectedly. You do not want your family going into debt just as the household income decreases. An insurance payout can cover burial and memorial expenses.
Benefits also allow your family to take as much time off work as necessary to make arrangements and work through the grieving process. This flexibility is essential if you have children, as they'll need extra support.
Overall, a large insurance payout can go into savings. When unexpected medical or repair bills come up, your spouse will have the funds to cover them.
Additionally, certain types of whole life insurance can work with your current retirement strategy. Over time, the plan accumulates cash value. You can cash it out when you retire if you need to. You also can apply the policy as collateral for loans, allowing you to purchase a home, vehicle, or RV.
How Life Insurance Can Benefit Your Family If a Tragedy Occurs
Life insurance doesn't just cover death — specific plans pay in the case of terminal and chronic illnesses. These enhancements, called accelerated benefit riders, have strict rules about when you can access funds. Learn about the little things before signing up.
End-of-life medical costs can be overwhelming, and financial stress interferes with spending time with loved ones and setting your affairs in order. Riders offer peace of mind to make the best use of your remaining time.
Choosing the Right Life Insurance Policy for You
One of the first things you have to determine is how much you want the policy to pay out. The larger the payout, the higher the premiums, so carefully consider what you can fit into your budget. To figure out the correct number, consider these factors:
- Your current savings
- Your current debt
- Future expenses such as college tuition
- Your spouse's income, if applicable
About 1891 Financial Life
At 1891 Financial Life we don’t just sell policies, we offer possibilities. We pride ourselves on giving back to the communities that we serve by providing quality and comprehensive insurance solutions. We are a not-for-profit life insurance Society, which means the sales from these financial service products help fund member benefits along with social, educational, and volunteer programs designed to respond to community needs.
Our portfolio is extensive, ranging from various life insurance policies to our annuities to support your financial needs no matter what stage of life you’re in.