We get it: No one wants to think about death—for us or the ones we love. And a lot of people equate life insurance with death. And while it IS there if the worst were to happen, it can also do so many other things, and doesn’t have to break your budget while doing it. Check out these great reasons to consider life insurance:
1. It’s part of a sound financial plan.
Insufficient coverage has severe consequences for many families. Four in 10 households without any life insurance would have immediate trouble paying living expenses if their primary wage earner died. Life insurance helps with planning for your loved ones’ long-term health and happiness, providing you with peace of mind that your loved ones are financially protected.
If someone would suffer financially when you die, you need life insurance just like you need a savings or checking account. The money from the policy’s death benefit can help your family meet many important financial needs like funeral costs, daily living expenses and college funding.
2. It’s not as expensive as you think.
Many consumers believe that life insurance is either too complicated or too expensive to consider, creating a barrier to ownership with only 57 percent of people owning life insurance in 2019.