Making a Case for Buying Life Insurance
January 18, 2022
JANUARY 18, 2022: What factors will you consider in buying a life insurance policy? Whether you’ve begun digging deep into policy comparisons to find the best fit for your family or whether you’ve just recently wondered whether now is the right time to begin looking for insurance options, there are several factors that can make purchasing life coverage well worth the investment. When buying Life Insurance, it’s important to be aware of common motivators for getting the coverage, as well as the potential boons for yourself and your family that having coverage could bring. What is the most common reason for buying life insurance? Keep reading below to learn about the top reasons.
Some Life Insurance Policies Offer Cash Value Growth, Dividends, and Certain Tax Benefits
For some consumers, the potential financial benefits of life insurance policies are a top reason to secure coverage. Depending on the insurer, some policies may allow you to:
- Provide tax-free cash payouts to those left behind
- Potentially benefit from dividends on your policy and opt to receive the dividends in cash or as a deduction from your usual premiums
- Enjoy guaranteed cash growth that you could tap into to supplement your other savings, pay your current bills or debts, set up emergency funds, or add to your retirement funds
You May Be Able To Personalize a Policy With Individualized Riders
If you’re searching for customizable insurance policies, you may be heartened to learn that some life insurance policies give you the option to add on insurance riders. You could potentially personalize your policy with:
- Disability riders
- Chronic illness riders
- Extended protection policies
Your Policy Could Replace Vital Income and Offer Basic Protection to Loved Ones
For many life insurance shoppers, the bottom line is that the right life coverage could offer vital protections. This benefit alone may be worth the up-front costs and long-term investment. Your insurance could potentially:
- Keep your family’s income levels relatively stable in the event you should die
- Help your loved ones pay off burdensome household debts
- Give your family a way to cover the most common daily or monthly expenses, potentially including college tuition, a home mortgage or rent, healthcare bills, business leases, childcare, and more
When making a Life Insurance coverage decision, it’s important to have all the facts. Whether you’re concerned about your family members’ future finances or you want to give yourself and your loved ones everyday peace of mind, knowing about the most common reasons consumers buy life insurance could be helpful in your own search for the right coverage. The potential financial benefits, individualized riders, and key protections offered by most types of life insurance policies could be the answer you or your family members have been looking for.
About 1891 Financial Life
At 1891 Financial Life, 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 MYGA to support your financial needs no matter what stage of life you’re in. For more information, contact us at (855) 804-7424.