You need life insurance, especially if a child, a spouse, a life partner, or a parent depends on you and your income. Many Americans don’t have life insurance, even those who can afford to buy coverage. There are still those who believe that investing in life insurance, or planning for their death, is bad luck. Keep reading to learn more about how life insurance benefits you and your family—before it’s too late.
Life insurance protects those who depend on you, such as your children, wife, and possibly even your parents. If you die prematurely, life insurance provides continuous income to your dependents, until they are able to provide for themselves and live comfortably. It acts as their life support covering unexpected costs that would otherwise put your family in jeopardy. If family savings are insufficient, insurance also offers emergency support for medical, legal, and funeral costs.
You won’t likely require extensive life insurance if you are single, or both you and your partner earn significant income and have no dependents. At this stage, the main concerns you need to plan for are unexpected estate taxes and funeral costs. On the other hand, if you have little or no savings, and you’re the sole breadwinner of a family, then life insurance is important. If you were gone tomorrow, how would it affect your family? If you still don’t have life insurance, it’s time to consider looking for a reputable insurance company in Indiana.
There are two basic types of insurance plans to choose from: universal or cash value insurance, or term life insurance. As you approach retirement, children start supporting themselves, and retirement savings amount to a lump-sum life insurance payment, term insurance may easily be dropped.
Benefits of Term Insurance
Term life insurance is pretty simple. You pay the premium and get covered for the term. Due to their simplicity, plenty of insurance companies provide extremely competitive prices for this type of coverage. Most term policies are also flexible. They allow for renewable and convertible terms.
Many purchase life insurance without doing proper research first. Before sitting down with independent insurance agents in Indiana, take the time to understand your needs and the insurance company’s options. You should also invest the time and money to consult with an estate-planning attorney to ensure you’re getting the exact type of insurance you need.
Life can throw anything at you at any time. It pays to know you’re covered. Your family’s future depends on it.