While the holidays are often filled with joy and celebration, they are also often more stressful than we care to admit. As you think about the perfect gifts you can give to your loved ones, consider how purchasing life insurance would be the ideal present for those closest to you.
For those who are getting older and taking care of dependents and have not yet considered purchasing life insurance, taking that step is a great way to show your loved ones how much you care. Even though some people need life insurance more than others, a recent study shows that only 59 percent of people in the United States have life insurance.
By investing in life insurance, you can enjoy peace of mind and eliminate the risk of financial insecurity in the event of an untimely death.
When choosing a life insurance plan, you are choosing financial support and security for both yourself and your loved ones. People often hesitate to purchase life insurance because the cost is often assumed to be too high. While the cost of coverage varies from case to case, there are many options for term and whole life insurance products that can provide for your needs and help you plan for your future.
For those who have sufficient income and assets, whole life insurance (a form of permanent life insurance) may be the best option. This allows you to build cash value through your plan that you can even borrow against and use while you are still living.
Furthermore, through permanent life insurance, your beneficiaries will receive the total amount of your policy at the time of your death. This type of life insurance, although at a higher cost, provides the most financial options and benefits for you and your loved ones.
For those in a different financial situation, term life is another viable option. This incurs much lower premiums over a set term during which the policy is valid. While this is a much more affordable option for many, it is a more limited plan, as the money can only be accessed if the death of the policyholder occurs during the term.
Nevertheless, there are many reasons for choosing such a plan. For example, you may want to take out a term life insurance plan while your children are in school, but when they graduate and begin their own lives, there might not be as much of an immediate need for life insurance. Additionally, while you cannot borrow money from this insurance plan as with whole insurance, it still provides a financial foundation you can depend on.
Although it is common to invest in life insurance with a distant “rainy day” mentality, it also serves as a reminder that life can change at any moment. With the financial security that life insurance provides, you are given a peace of mind that, should something happen to you in the near or distant future, your loved ones will receive the support they need.
As you assess your situation, you may want to consider life insurance not only for yourself, but for others in your family and the advantages they hold for each person. Some people have an interest in buying a policy for their spouse or significant other, even if that person does not work full time or is a stay-at-home parent. If the death of this other person would cause financial distress, then life insurance is something to consider.
It is also possible to purchase life insurance for your children or grandchildren if you would like to set up that financial safety net early and name them as policyholders later. Whatever your interests or needs, life insurance has the ability to give anyone peace of mind for their present and future.
What Can Affect My Coverage?
Like many gifts, life insurance is one that you should make sure is suitable for the person for whom it is intended, which includes yourself. There are many aspects of your life to consider when making such a choice that can affect your coverage.
Aside from your income level, your health is crucial in determining coverage, including factors such as pre-existing conditions, family health history, physical activity, age, and also lifestyle behaviors such as smoking or recreational drug use.
Additionally, other considerations include workplace risk—as is often the case with more dangerous professions such as mining or law enforcement—as well as any financial issues such as bankruptcy filings and your credit score.
You may also ask yourself, “what if I am too old for life insurance?” While premiums are generally lower for younger people, there are certainly reasons and ways to obtain life insurance as an older applicant, even for those over 70. Don’t let a higher cost deter you from making the choice of security and support for your life and the lives of your loved ones.
This holiday season, give the gift of peace of mind and financial security to you and your loved ones by investing in life insurance. Take some time to explore different options, coverage, and benefits with the help of Life Quote. We offer a variety of life insurance plans with different coverage policies available to you. We even offer policies that don’t require a medical exam and can get you approved in minutes. Contact us today and get a free quote from our online generator to get started toward a brighter financial future.