Thinking about and even preparing for death is certainly not something most of us want to do on a daily basis. That’s why many people purchase life insurance. Life insurance ensures that your loved ones are safe and secure in the event of your passing. It is a fundamental part of having a reliable financial plan and providing both yourself and family peace of mind and comfort, knowing they are in good hands. Depending on the type of life insurance policy you choose, as well as the insurance company itself, life insurance can be fairly inexpensive.
If you aren’t completely sure about whether life insurance is right for you, read on to learn about the awesome reasons to consider purchasing life insurance today.
1. Keep Your Family and Loved Ones Protected
If your family/loved ones rely on your financial support for their wellbeing and livelihood, then life insurance is quite critical for you as well as them. Life insurance replaces your financial income upon your passing. Life insurance is especially important for parents of younger children or adults who may be unable to sustain a proper standard of living if they no longer had access to your income for support. Life insurance helps plan for your family’s long-term health and happiness.
2. Life Insurance Can Be Fairly Cheap
A common misconception about life insurance is that it is extremely complicated to navigate and far too expensive for the average person to even consider. The truth is that life insurance is fairly inexpensive and far more accessible than most people think. For example, a healthy 30-year old can purchase a 20 year life-term insurance policy with as much as $250,000 coverage for only $13 per month. That makes it far easier to budget for and manage than even other types of coverage available.
3. Builds Cash Value Over Time
Permanent life insurance coverage can have a cash value that builds over time and can even provide benefits to your beneficiaries upon your passing. Similar to retirement and tuition saving financial plans, cash value can develop on a tax-deferred basis, which can be used in the future for whatever you desire. Many choose to use it for a home’s down payment, college tuition or even retirement income. This can be a viable option for borrowing rates as they tend to be quite low and are not dependent on credit checks.
4. Can Help Maximize Retirement
Your life insurance policy can take on a new meaning and life after your retirement. With a well-structured life insurance policy, it can provide sufficient retirement income through policy loans and withdrawals, even with options for long-term care advantages. Life insurance coverage can even maximize one’s retirement pension and supplement your spouse’s income.
dropdead offers the cheapest and best life insurance in Ontario. For when sh!it happens to you, ensure you’re covered. Get in touch with us for a competitive quote on life insurance or term life insurance by visiting our website at https://dropdeadlifeinsurance.ca/get-quote/.