You might think of a life insurance policy as something that your parents owned or as an option that you'll look into once you're closer to retirement. In reality, life insurance is a necessity if anyone depends on you for their daily needs.
It's never fun to think about death, but leaving this world is a certainty for each and every one of us. What we don't know is when our number will come up. Will you live a long and fruitful life, passing away among family at the ripe old age of 98, or will a tragic accident happen in your 30's that leaves loved ones in a financial bind?
Life insurance can provide many valuable benefits, chief among them is peace of mind. Here are just three ways that a simple term life insurance policy delivers a sense of empowerment and lasting feelings of contentment.
1. Payment of Burial Costs
Did you know that life insurance was called "burial insurance" many years ago? In harsh economic times, many families had little savings set aside so they weren't able to pay the steep cost of a proper funeral and burial for a loved one. This remains the case today for some families.
According to the National Funeral Directors Association, the average cost of a funeral is over $6,500. Fortunately, a term life insurance policy can pay for these final expenses and take the financial burden off of loved ones. While most policies no longer have that interesting name, the proceeds will still provide the same service, and then some.
2. Income Replacement
Have you ever thought about what would happen if your family no longer had access to the income that you generate? That income likely helps pay rent or mortgage payments, car payments, and other living expenses. The best way to ensure that money will continue to be there if something should happen to you is to purchase a life insurance policy. A simple needs assessment can help you determine the amount that you should purchase to replace income or deliver other desired benefits.
3. Education For Children
Your children's future is probably one of your top priorities. Even if you've started a college fund, a tragic event could derail those financial plans. While a term life insurance policy isn't a college savings fund, it can give you peace of mind in the event that you're faced with an unexpected life event. This valuable protection will ensure that your child's education is covered if you are no longer around.
A term life insurance policy is a policy that is valid for a particular period - such as 10, 20, or 30 years. Monthly premiums are incredibly affordable but will vary based on your age and health at the time you apply for a policy. Contact us to learn more about how you can achieve peace of mind with a life insurance policy or use our term life calculator to get started now.
Knowledge is power. The more you know, the easier it is to make an intelligent choice. Everyday life, as well as certain events and circumstances, require you to make choices. And peace of mind is gained when you feel good about the decisions you make.
When it comes to life insurance, IntelliQuote is there for you to make the intelligent, well-informed choice. From term life insurance to universal life insurance and final expense insurance, we make it easy for you to compare, shop and save. Get multiple quotes now and make the intelligent decision for Life.