Why Should You Buy Life Insurance?
January 20, 2022
JANUARY 20, 2022: Most people understand the importance of health insurance, car insurance, or home insurance — but fewer are likely to view life insurance as a necessity they must invest in. Of course, as you get older, that’s likely to change, and the value of life insurance will eventually become apparent. Unfortunately, though, life insurance becomes more expensive and more difficult to obtain the longer you wait to enroll in a policy. This is just one of many reasons you need life insurance sooner rather than later. Read on for more information on how a life insurance policy can benefit you and your family, regardless of your health or age.
It’s Wise to Invest When You Qualify
Many young people in their 20s and 30s think “why buy life insurance now?” You’re young, healthy, and it may seem like an unnecessary expenditure to pay a monthly premium when you don’t anticipate needing it any time soon — especially if you haven’t started a family yet. Contrary to popular belief, though, this is one of the best times to invest in a life insurance policy. If you become seriously ill, you’ll likely want to enroll in a policy, but at this point, you may no longer qualify. It’s wise to get a policy while you’re sure you can.
It Can Be a Source of Funds
Many people view monthly life insurance premium payments as an expenditure, but in fact, they are an investment. In some cases, your life insurance policy can even provide you with additional funds that you wouldn’t otherwise be able to access. A permanent life insurance policy, for example, can accumulate cash value. As this sum builds, you may eventually be able to withdraw from its value or take out a loan against your policy to fund a major expense.
It's More Affordable Than You Think
With all these benefits, plenty of people incorrectly assume that life insurance is out of reach financially. In reality, life insurance is typically quite affordable and often less expensive than people fear. Regardless of the cost, though, it’s typically a worthwhile investment for anybody who wants to protect their family’s future.
It Lets You Leave a Legacy
One of the most important benefits of life insurance is the ability it gives you to leave behind a remarkable legacy. Most people aren’t thinking about death when they’re in their 20s, 30s, or even 40s, but the ability to choose a beneficiary is an incredible gift that cannot be undervalued. You may choose a spouse or child as a beneficiary, or you may even designate a charitable cause as a beneficiary of your policy. It’s your legacy and you get to decide.
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 MYGA to support your financial needs no matter what stage of life you’re in. For more information, contact us at info@1891FinancialLife.com