4 Benefits of Life Insurance That You Might Not Have Considered Everyone knows they probably need life insurance, but if you continue to go without it maybe you don’t realize how affordable it is or you don’t understand all the benefits it can offer. If you’re still wondering whether or not you need to purchase life insurance, here are 4 benefits that you might not have considered.
Protect your potential income Life insurance is pretty basic, right? When you die, a certain amount of money is paid to your beneficiaries. But if you were to leave this world at a tragically young age, have you thought about the people who rely on your income for support? These are the people closest to you—your kids, your spouse, relatives. A small life insurance policy might be able to cover funeral costs. But bills still need to paid, and life goes on even after the tragic death of a family member. If you want your loved ones to be able to continue in a comfortable lifestyle, you’ll need to get a life insurance plan that can cover lost wages.
Help pay for your kids’ college The ability to save up and pay for your children’s college education can be a great source of personal pride. After all, you’re helping to give them an important step up toward successful lives of their own. All your hopes of providing for you children’s future don’t have to be dashed if you were to die before they reach adulthood. Many life insurance plans have the added benefit of paying for your children’s college education.
Income beyond your working years Most of our responsibilities don’t suddenly end when we retire. That’s why we plan and save up for retirement—so that we can live comfortably even after we’ve stopped bringing in a pay check. Life insurance is a vital part of any plan for retirement. With permanent life insurance, you can extend benefits into retirement. All the benefits of term life insurance end when you’ve lived beyond the predetermined time limit, but with permanent life insurance, your loved ones will receive benefits even if you live into very old age.
Build your wealth Another advantage of permanent life insurance is that it can help you build your wealth. After you’ve paid into it long enough, your policy builds cash value, and you can actually borrow money against it. Any money that you withdraw from the gains of your permanent life insurance policy is tax free. Once you retire, your policy may have accumulated substantial gains, and it can contribute to your retirement income—all tax free. When it comes to life insurance, you’ve got many options—it’s important that you choose the coverage that you feel is right for you. Don’t let anyone pressure you into buying insurance that you don’t need; you’re better off working with professionals that only have your best interests in mind. If you’re looking for life insurance in Omaha, Hollman Insurance can help you get the right amount that’s ideal for your situation. Call us today, and we’ll help you find the coverage you need. Photo Credit: Lawyersandsettlements.com, reclamos.cl