In recent years, many life insurance companies offer comprehensive plans for those who don’t just want their life insured but also grow their money. While many people are still in the dark about life insurance that comes with investments, here are some of the reasons why you need one.
Keep these in mind if you’re planning to get a policy from a life insurance company soon.
You are responsible for your expenses, even when you die
When you die, who will pay for the funeral services? If you’re blessed with a family who cares enough to give you a decent send-off, that’s good. For many people, death is always a dire subject that people refuse to talk about it until it’s knocking on the door already. If you don’t have life insurance, your savings could end up being the payment for your funeral and other related expenses or you risk having your surviving family members cover the costs for you.
Your earning capacity declines as you age
As mentioned earlier, many life insurance policies now come with investments, which is one of the top advantages and best reasons you should have your life insured. Simply put, when you get life insurance, you don’t just insure your life and make sure that there will be money left for your surviving family members. Parts of it goes into investment, and you could grow your money. It is advisable to start early so you can be more aggressive with your investments. Remember, expenses go higher as your age while your earning capacity drops as well.
You are responsible for your retirement
In one survey, findings showed that half of Americans would retire broke. How do you imagine retirement would be? Do you want to live in your own home, pursue your hobbies and passions, and travel? These are only possible if you have made sensible but serious investments for your future. Otherwise, you could end up being at the mercy of your younger family members and not have a say where you want to live and how you want to retire.
Make the Smart Choice
Life insurance is not just about leaving money for your surviving relatives when you pass. It’s more about ensuring that the money you’re earning now is growing and not wasted. Consider these reasons if you still don’t have one.