The Value of Life Insurance
The pandemic has shocked the world and all its industries. Many people and businesses were unprepared for the financial challenge that came with it. Even today, many are still trying to figure out a way around it and thrive to survive. Businesses have closed down, people have lost their jobs, and many lost their sense of security. Insurance and emergency funds have become a huge help for many to keep their families fed and taken care of. Situations such as this pandemic have emphasized the importance of having security, to ensure that you and your family’s financial needs are provided for.
Life insurance as an investment
There are several types of life insurance but they typically fall into two categories – permanent and term life insurance. The former is very similar to other usual insurance policies where you pay monthly and when there’s an emergency, you’re paid out. The latter has an addition of investment components that enable holders to accumulate cash value. The choice depends on ones’ needs and goals. Term life insurance is a protection for a certain period of time while permanent insurance provides lifetime coverage.
Most people would go for term life insurance as its cheaper but there are pros and cons and getting one form or the other. Regardless, getting life insurance is a good investment for you and for your family.
Pays final cost
Life is fleeting at best, it is important to be prepared at all times. Life insurance benefits help pay for the final expenses after death. This includes funeral/cremation costs, other medical bills not covered by health insurance, and unpaid obligations. It takes the financial burden off the family that has been left behind.
Financial buffer
If you are the breadwinner of the family, your passing away will affect the family’s financial situation tremendously. Life insurance acts as a buffer to cover expenses such as a mortgage, school tuition, car loan, credit card bills, and more. It can also be used for state estate tax payment in case of inheritance. Life insurance can also be named after your charity of choice.
Life insurance is one of the best purchases a person can make – it’s worth the investment not just because of the return but because of the safety it provides for you and your family. While this is a sensitive topic to discuss, the needs and safety of the people you love is always the priority. Assess your goals and evaluate your finances, talk with your partner, and reach the best option.
London Insurance Agency | See your options!
London Insurance Agency is one of Kentucky’s trusted insurance service providers. We have independent agents who represent several insurance companies. With independent insurance agents, you get the specific help you need and you also have a much wider choice of coverage options available for you. We offer tailored coverages depending on your needs at the lowest price.
You may not have to decide the life insurance option you want today, but if you have questions or concerns, our agents are more than happy to help. Give us a call at +606-864-5152 and +606-528-5151.
