Help protect your family’s future. Enter your zip code to get your free quote today!

Get Your Free Quote

Who Should Buy Life Insurance?

Life insurance can play an important role in ensuring financial security for your family. Life insurance pays beneficiaries a sum of money after the death of a policyholder. That money can be used to pay for different obligations and debts, like a mortgage of a child's education.

But who should buy life insurance and what are the benefits?

Who Benefits from Life Insurance Coverage?

If anyone relies on you for financial support, then you could benefit from buying life insurance. Friends, families, colleagues, or anyone that is considered a “dependent,” can get financial relief when you pass away. You can even name a charitable organization as a beneficiary if you so choose.

If any of the following apply to you, life insurance could benefit you:

  • You have a spouse.
  • You have a family.
  • You’re a caregiver.
  • You are in debt.
  • You have children who plan on attending college or other higher education.
  • You are a homeowner.
  • You are a business owner
  • You want to supplement employer-based life insurance coverage

How Does it Work?

Many life insurance policies come with a monthly premium to pay for a policy*.

Here are the two basic types of life insurance and their benefits:

  1. Term life insurance – You buy a policy for a set period of time, called a "term." A term can last anywhere from 1-30 years. If you die during that term, your beneficiaries will receive a payout from the life insurance company (assuming you've paid your premiums). If you outlive the term, your coverage generally ends.
  2. Permanent life insurance – Permanent life insurance provides coverage for your entire life. Unlike a term policy, a permanent life insurance policy acts as an investment vehicle and accumulates cash value over time. This allow you to borrow against the account or even cash it out before your death. However, these policies are typically more expensive than term policies.

Get a Free Quote

Who doesn’t want financial security in the face of uncertainty? If you’re considering buying life insurance for yourself and your loved ones, a licensed insurance agent can make buying insurance simple and convenient.

Get a quote today. Call 800-966-7169.

 

------------

Sources:

Forbes: https://www.forbes.com/sites/timmaurer/2016/01/05/10-things-you-absolutely-need-to-know-about-life-insurance/#86a8e71560ca

*Applications for insurance may be subject to acceptance by insurer. Rates and coverage amounts will depend upon the carrier selected. 

Help protect your family’s future. Enter your zip code to get your free quote today!

Get Your Free Quote

Related Information

Getting Life Insurance | Policy Quotes

Who should get life insurance? Use this simple guide to decide if it's time for you to purchase a policy. Get a quote today.

Read More

Do You Need Life Insurance?

Do you need life insurance? If you’re considering buying a policy, you should first read this primer on life insurance policies.

Read More

Who Has the Greatest Need for Life Insurance?

If there are people who depend on you financially, it may be time to start thinking about buying life insurance.

Read More

Who Needs Life Insurance?

Here are some guidelines to help you determine if buying a life insurance policy is the right choice for you.

Read More

Buying Life Insurance: What You Need to Know

Here is what you should look for when buying life insurance to make sure your family has enough money to maintain their lifestyle after you die.

Read More

Life Insurance Basics: Who Needs It, Types of Insurance

Learn about life insurance’s basics: including the types of policies, their costs and benefits, and who needs coverage.

Read More

Reasons for Buying Life Insurance

Life insurance is a good idea for anyone who has financial dependents. Here are 5 top reasons you should consider purchasing life insurance.

Read More

The Benefits of Joint Life Insurance

Joint whole life insurance could be a great option if you are married. Learn how this type of plan benefits your family.

Read More

7 Reasons Life Insurance Is Important

Is life insurance important? Here are seven important reasons why you should consider purchasing a life insurance policy.

Read More