Why get life insurance? On top of the coverage, you also gain peace of mind and a potential savings vehicle for your retirement. Read on to learn more. 

Guaranteed Protection

The coverage of life insurance is a death benefit, paid as a lump sum to your beneficiaries in the event of your death. No matter what type of life insurance you choose, you are guaranteed coverage of this benefit if you pass away within the term of the policy. This benefit is paid in full to your beneficiaries and serves as financial protection that your loved ones can rely on when you are no longer there to provide for them.

Income Replacement

The benefit from your life insurance policy will help your family or loved ones in the absence of your income. Those necessary funds can help with essential expenses such as mortgage and rent payments, childcare, health care, tuition, debts, and business operations. Life insurance helps to make sure your loved ones can maintain their quality of life by taking care of all of the expenses you would have helped with.

Lifetime Coverage

When you choose a permanent life insurance policy (also known as a whole life policy), you are making an investment that covers you for your entire lifetime. Unlike term insurance policies, which last only 15, 20, or 30 years, when you choose a permanent life insurance policy your death benefit is guaranteed no matter how old you grow to be (up until around 121). This benefit is ideal for people who have dependents later in life.

Cash Value

Permanent and universal life insurance policies have a cash value component that grows at a set or market-equivalent interest rate over the life of your policy. You can withdraw from this cash value and you can also borrow against it if you need help paying for tuition, a mortgage, or any other big-ticket items. You just need to pay back the loan with interest or your benefit will be reduced by that amount.

Tax-deferred Growth

Many permanent and universal life policies have a cash value that is invested. The capital gains on the cash value are not taxed until you withdraw them, meaning they are tax-deferred.

Accelerated Benefits

If you choose to add a rider for accelerated benefits or terminal illness, you can receive 25% to 100% of your death benefit early to help pay for your health care if you are diagnosed with a specified covered condition under the policy. This can be a huge relief to get rid of your financial worries in your time of need.

Are you interested in a life insurance policy? Find out what life insurance can do for you by contacting Insured For Life today.