Many people are often confused and wonder, “Is it good to have life insurance?” The short answer is, “Yes, absolutely!” Here are five reasons why you should get life insurance coverage for you and your family.
1. Make Your Financial Plan Robust
While monthly premiums seem like short-term expenses, life insurance should be part of your family’s long-term financial plan. After your death, life insurance can pay for your kids’ college fees or settle your mortgage.
2. Get Cash When Needed
Like any other investment, life insurance builds value over time on a tax-deferred basis. Following your death, your family can access this money in a short time and use it in any way they see fit. Insurance money is an assured income for your family.
3. It Isn’t Expensive or Complicated
A $250,000 life insurance policy for a healthy adult of age 25 costs less than $20 a month, and the paperwork is far less complex when you actually sit down and do it. This amount is certainly something you can set aside to get yourself peace of mind and protection for your family.
4. Retirement Benefits
A reliable insurance plan can enhance your retirement life considerably. You can get policy loans and withdrawal options from your insurance, and your immediate surviving family members get an additional source of income to carry on after your death.
5. Life Insurance Buys Time and Options
Your family members no longer have to panic or make rash decisions after your death. Life insurance money buys them time and options to think about how to plan their future without immediately going for a job search or shifting to a smaller home.
These are some of the reasons why life insurance is important. If you’re looking for an experienced agency offering life insurance near you, contact the experts at East End Insurance Agency today. We are ready to assist you with all your coverage needs.